Deal Watch: Asia Pacific

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

• 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.

• Resurgent to acquire Northern India’s transmission project from Essel Infraprojects

  November 15, 2021
  Resurgent Power Ventures Pte Limited, a Singapore-based joint venture (JV) between ICICI Bank, Power Platform Limited, Kuwait Investment Authority and Tata Power, has recently been selected as the lender's nominee to acquire 100 per cent shareholding in North Region Strengthening Scheme XXXVI Transmission Limited (NRSS-XXXVI), a troubled power transmission project spread across the three states of Haryana, Rajasthan and Uttarakhand.

• Vietnam receives US grant for pilot BESS project [free access]

  October 22, 2021
  Vietnam received a grant of USD2.96 million from the US Consulate General for developing the first grid-scale battery energy storage system (BESS) in the country.

• Uzbekistan to receive corporate loan from EBRD for 500 kV line

  October 13, 2021
  In an unprecedented move, Uzbekistan will receive a corporate loan without a state guarantee from the European Bank for Reconstruction and Development (EBRD) for the construction of a high voltage (HV) transmission line associated with two wind farms. The value of the loan has not yet been disclosed by the involved organisations.

• ADB approves additional loan of USD60 million for Nepal’s Grid Modernisation Project

  September 20, 2021
  The Asian Development Bank (ADB) has approved an additional loan of USD60 million for Nepal’s Electricity Grid Modernisation Project, aimed at modernising power transmission and distribution systems in the country.

• Pakistan’s NTDC secures PKR6.4 billion for clean energy transmission project

  July 20, 2021
  Pakistan’s state-owned high voltage network developer, National Transmission and Despatch Company Limited (NTDC), has secured a PKR6.4 billion financing facility for building a transmission corridor to evacuate 1,224 MW of renewable energy generated by wind power plants located at Gharo–Jhimpir wind corridor.

• Japan’s University, Italy's ASG signs MoU to develop DC superconducting cables

  July 7, 2021
  Japan’s Chubu University and Italy’s ASG Superconductors SpA have signed a Memorandum of Understanding (MoU) to facilitate the development of superconducting cable technology for direct current (DC) power transmission over long distances.

• Uzbekistan obtains World Bank support for green energy project

  June 30, 2021
  The World Bank’s Board of Executive Directors has recently approved Uzbekistan’s “Electricity Sector Transformation and Resilient Transmission Project”.

• Indian Sterlite Power obtains funding for 400 kV Udupi–Kasargode project

  June 16, 2021
  Indian private transmission network developer, Sterlite Power Transmission Limited (SPTL), has received a debt funding of INR5.8 billion from Rural Electrification Corporation Limited (REC), for Udupi Kasargode Transmission Limited (UKTL)—a special purpose vehicle (SPV) set up for the implementation of the 400 kV Udupi–Kasargode project.

• Indian POWERGRID acquires SPV Sikar-II Aligarh Transmission

  June 8, 2021
  India’s largest grid network developer, Power Grid Corporation of India (POWERGRID), has acquired Sikar-II Aligarh Transmission (SATL) Limited from PFC Consulting—a wholly-owned subsidiary of Power Finance Corporation (PFC).

• Indian KEC signs novation agreement for works on Warora–Kurnool project

  April 19, 2021
  The Indian engineering, procurement and construction (EPC) major, KEC International, has recently signed a novation agreement worth INR4.77 billion with Warora–Kurnool Transmission Limited (WKTL)—a special project vehicle (SPV) owned by Adani Transmission Limited (ATL).

• Indian KPTL’s Brazilian subsidiary completes acquisition of 51 per cent stake in Fasttel

  April 7, 2021
  The Indian engineering, procurement and construction (EPC) major Kalpataru Power Transmission Limited’s (KPTL) wholly-owned subsidiary—Kalpataru Power do Brasil Participações Ltda—has recently completed the acquisition of a 51 per cent controlling stake in Fasttel Engenharia Ltda., Brazil.

• India’s Adani Transmission to acquire 765 kV Warora–Kurnool project for INR33.7 billion

  March 29, 2021
  India's private transmission company Adani Transmission Limited (ATL), has signed a definitive agreement with Essel Infraprojects Limited (EIL) for the acquisition of its special project vehicle (SPV) Warora–Kurnool Transmission Limited, for an enterprise value of INR33.7 billion.

• India’s IndiGrid completes acquisition of NER-II Transmission project

  March 29, 2021
  India’s leading infrastructure investment trust (InvIT), India Grid Trust (IndiGrid), has completed the largest transmission project deal by acquiring NER-II Transmission from Sterlite Power Transmission Limited (SPTL), for an enterprise value of INR46.25 billion.

• Indian POWERGRID acquires Bikaner-II Bhiwadi Transco Limited

  March 26, 2021
  India’s largest grid network developer, Power Grid Corporation of India (POWERGRID), has recently acquired Bikaner-II Bhiwadi Transco Limited—the special purpose vehicle (SPV) formed to carry out activities under Phase II – Part F of the Transmission System Strengthening Scheme for evacuation of power from solar energy zones in Rajasthan.

• Indian POWERGRID acquires remaining stake in Jaypee Powergrid

  March 23, 2021
  India’s largest grid network developer, Power Grid Corporation of India (POWERGRID), has signed an agreement with Jaiprakash Power Ventures Limited (JPVL) to acquire a 74 per cent stake in Jaypee Powergrid Limited (JPL).

• Indian POWERGRID acquires Ramgarh New Transmission for INR56.1 million

  March 10, 2021
  India’s largest grid network developer, Power Grid Corporation of India (POWERGRID), has recently stated that it has acquired Ramgarh New Transmission Limited (RNTL)—a special purpose vehicle (SPV) set up by Rural Electrification Corporation (REC).

• Indian IndiGrid to acquire NER-II Transmission for INR46.25 billion

  March 9, 2021
  India’s leading infrastructure investment trust (InvIT), India Grid Trust (IndiGrid), has recently signed the share-purchase agreement to acquire NER-II Transmission Limited (NER-II) from Sterlite Power Transmission Limited (SPTL) for an estimated amount of INR46.25 billion.

• India and AIIB sign USD304 million loan deal for transmission project in Assam

  February 25, 2021
  The Indian government and the Asian Infrastructure Investment Bank (AIIB) have recently signed a loan agreement of USD304 million for development of the Assam Intra-State Transmission System Enhancement project.