Deal Watch: Asia Pacific

Reports on major debt, equity and M&A deals from Asia Pacific

• Adani Power to acquire 400 kV Mahan­–Sipat transmission project from Essar Power in India

  June 6, 2022
  Essar Power Limited, an independent power producer in India, has entered into a definitive agreement with Adani Transmission Limited (ATL), a part of Adani Group, to sell one of its two transmission lines for INR19.13 billion.

• RECPDCL transfers Rajgarh Transmission to GR Infraprojects India

  June 1, 2022
  Indian REC Power Development and Consultancy Limited (RECPDCL)—one of the bid process coordinators for the award of transmission projects via the competitive bidding mode, has handed over Rajgarh Transmission Limited (RTL) to engineering and construction firm GR Infraprojects Limited.

• POWERGRID acquires MTL for 400 kV project in Uttar Pradesh, India

  June 1, 2022
  Indian state-owned Power Grid Corporation of India (POWERGRID) has acquired Mohanlalganj Transmission Limited (MTL), the project special purpose vehicle (SPV) from PFC Consulting Limited (PFCCL) to establish an intra-state transmission system (ISTS) in Uttar Pradesh on a build, own, operate and maintain (BOOM) basis.

• New Zealand’s Transpower awards multiple grid service contracts

  May 27, 2022
  New Zealand’s national grid operator Transpower has announced the outcome of a procurement process for new grid service contracts that provide fault response, maintenance and build services for the national grid.

• Australian Vanadium and NHCE sign MoU for energy storage projects

  May 26, 2022
  Australian Vanadium Limited, a vanadium flow battery company, has signed a non-exclusive two-year memorandum of understanding (MoU) with clean energy developer, North Harbour Clean Energy (NHCE).

• Abu Dhabi-based IHC completes investment in Indian Adani Group

  May 17, 2022
  International Holding Company PJSC (IHC), the Abu Dhabi-based conglomerate, has completed its USD2 billion (INR154 billion) investment transaction with three subsidiaries of India’s Adani Group—Adani Green Energy Limited (AGEL), Adani Transmission Limited (ATL) and Adani Enterprises Limited (AEL).

• India approves JV with Nepal for second 400 kV cross-border line

  May 16, 2022
  The Indian government has approved the establishment of a joint venture (JV) with state-owned power utility Nepal Electricity Authority (NEA) to develop the 400 kV Butwal (Nepal)–Gorakhpur (India) second transnational transmission line.

• Indian POWERGRID acquires Khetri–Narela Transmission

  May 12, 2022
  India’s state-owned Power Grid Corporation of India Limited (POWERGRID) has acquired 100 per cent equity of Khetri–Narela Transmission Limited (KNTL) for INR22.50 million, including 10,000 equity shares at par at INR10 each along with assets and liabilities of the company, from the bid processor PFC Consulting Limited (PFCCL).

• Indian NTPC partners with Energy Vault for gravity-based energy storage technology

  April 28, 2022
  Indian government-owned electric company, NTPC Limited, has announced the signing of a memorandum of understanding (MoU) with Energy Vault Holdings, Inc., a Switzerland-based grid-scale energy storage solutions provider, for gravity-based energy storage technology.

• Australian Transgrid receives AUD75 million federal funding for 500 kV VNI West project

  April 18, 2022
  Australian transmission network developer for New South Wales (NSW) Transgrid has entered into an underwriting agreement with the Commonwealth Government to develop the 500 kV Victoria to NSW Interconnector West (VNI West), a major transmission infrastructure project proposed to secure electricity supply and boost sharing between the two states.

• Abu Dhabi-based IHC to invest INR39 billion in India’s Adani Transmission

  April 11, 2022
  International Holding Company PJSC (IHC), the Abu Dhabi-based conglomerate, will invest USD2 billion (INR154 billion) as primary capital in three subsidiaries of India’s Adani Group—Adani Green Energy Limited (AGEL), Adani Transmission Limited (ATL) and Adani Enterprises Limited (AEL), through the preferential allotment route.

• South Korean Hyosung signs MoU with Invinity to supply BESS

  April 11, 2022
  US-based vanadium flow battery supplier Invinity Energy Systems has signed a non-binding memorandum of understanding (MoU) with Hyosung Heavy Industries, the power and industrial systems arm of South Korean conglomerate Hyosung Corporation, to commercialise its energy storage batteries in the country and elsewhere.

• Resurgent Power Ventures acquires NRSS-XXXVI in India [free access]

  April 5, 2022
  Resurgent Power Ventures Pte Limited, a Singapore-based joint venture (JV) between ICICI Bank, Power Platform Limited, Kuwait Investment Authority and Tata Power, has completed the acquisition of and settled the debt of North Region Strengthening Scheme XXXVI Transmission Limited (NRSS-XXXVI), a troubled power transmission project spread across the three Indian states of Haryana, Rajasthan and Uttarakhand.

• Indian POWERGRID transfers 26 per cent equity in PVTL to PGInvIT

  April 4, 2022
  India’s largest grid network developer Power Grid Corporation of India (POWERGRID) has transferred the remaining of its shareholdings in POWERGRID Vizag Transmission Limited (PVTL) to POWERGRID Infrastructure Investment Trust (PGInvIT) after the adjustment of the dividend received by POWERGRID from PVTL.

• Singaporean Sun Cable raises funds for AAPowerLink project in Australia

  March 18, 2022
  Sun Cable, a Singaporean solar energy firm, has raised USD150.9 million in a Series B capital raise round to fund its Australia-Asia PowerLink (AAPowerLink) project, which aims to export clean energy from Australia to Singapore.

• Indian Tata Power's Singapore JV wins bid to acquire SEUPTCL

  March 9, 2022
  Indian private power company Tata Power’s Singapore-based joint venture (JV) Resurgent Power Ventures has won the bid to acquire the stressed asset of South East UP Power Transmission Company Limited (SEUPTCL) through the Insolvency and Bankruptcy Code resolution process (IBC), a bankruptcy law of India which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy.

• Sterlite Power secures fund for NBTL project [free access]

  March 8, 2022
  Sterlite Power Power Transmission (SPTL) has announced that Tata Cleantech Capital has agreed to fund the Nangalbibra–Bongaigaon Transmission Limited (NBTL) project with INR440 million loan financing.

• POWERGRID Vizag Transmission's 26 per cent equity transferred to PGInvIT

  February 24, 2022
  The board of directors of Indian transmission grid developer Power Grid Corporation of India Limited (POWERGRID), has approved the transfer of 26 per cent residual equity in POWERGRID Vizag Transmission to POWERGRID Infrastructure Investment Trust (PGInvIT).

• Indian KPTL and TEECL sell stakes in Kohima–Mariani Transmission Limited

  December 21, 2021
  India-based engineering, procurement and construction (EPC) company, Kalpataru Power Transmission Limited (KPTL), and Techno Electric and Engineering Company Limited (TEECL)—the joint owners of Kohima–Mariani Transmission Limited (KMTL)—have sold their respective stakes in the special purpose vehicle (SPV)_ to a new buyer.

• Australian APA Group acquires debt interest in Basslink [free access]

  November 22, 2021
  Australian energy infrastructure company APA Group, has recently acquired a stake in the debt of Keppel Infrastructure Trust's (KIT) Basslink—the Tasmania–Victoria interconnector, and is interested in buying the link.