Deal Watch: Asia Pacific

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

• Indian Sterlite Power obtains INR5.8 billion 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.

• Australian TSO secures AUD600 million debt facility for planned transmission corridor

  February 18, 2021
  The New South Wales (NSW) transmission system operator (TSO), TransGrid, has recently secured a bank debt facility worth AUD600 million to finance the planned grid augmentation on a proposed new transmission corridor commencing in the town of Wellington.

• Indian KPTL’s Brazilian subsidiary acquires 51 per cent stake in Fasttel [free access]

  February 5, 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 signed an agreement to acquire a controlling stake of 51 per cent in Fasttel Engenharia Ltda, Brazil for an amount of USD8.80 million.

• Indian Rinfra sells entire stake in PKTCL for INR9 billion

  January 14, 2021
  Reliance Infrastructure Limited (Rinfra), part of the India-based conglomerate Reliance Group, and Power Grid Corporation of India Limited (POWERGRID) have recently signed a termination agreement for Parbati Koldam Transmission Company Limited (PKTCL), the special purpose vehicle (SPV) that was formed for executing an INR9.57 billion project in the Indian state of Himachal Pradesh.

• Nepal signs NPR18 billion loan agreement with ADB for grid modernisation

  December 30, 2020
  Nepal’s Ministry of Finance (MoF) has recently signed an NPR18.25 billion loan agreement with the Asian Development Bank (ADB) for the modernisation of electric grid in the country.

• ADB approves USD200 million additional loan for Bangladesh’s power project

  December 30, 2020
  The Asian Development Bank (ADB) and the government of Bangladesh have recently signed an agreement for USD200 million in additional loans, including USD130 million of concessional loans, for augmenting access to efficient and reliable electricity supply in rural areas of Bangladesh, by strengthening the transmission and distribution networks.

• Indian Sterlite and Australian AMP to strengthen grid infrastructure in India

  December 29, 2020
  India-based power transmission asset developer Sterlite Power Transmission Limited (SPTL) and Australia-based global investment manager AMP Capital have recently entered into a 50:50 partnership to develop energy transmission projects in India with a total equity investment of USD300 million.

• KPTL sells 49 per cent stake in Alipurduar Transmission to Adani

  December 3, 2020
  India's private transmission company, Adani Transmission Limited (ATL), has acquired a 49 per cent stake in Alipurduar Transmission Limited from the Indian engineering, procurement and construction (EPC) major Kalpataru Power Transmission Ltd (KPTL), with an agreement to acquire the balance 51 per cent after obtaining regulatory and other approvals.

• ADB approves USD156 million loan to Nepal for grid modernisation project

  December 1, 2020
  The Asian Development Bank (ADB) has approved a USD156 million concessional loan for the “Electricity Grid Modernisation Project” aimed at modernising power transmission and distribution systems in Nepal.

• Indonesia’s PLN receives USD600 million loan from ADB for grid development

  November 26, 2020
  Indonesia’s state-owned power company, PT PLN (Persero), has been granted a USD600 million loan from the Asian Development Bank (ADB) to help the utility in expanding electricity access and promoting renewable energy (RE) in eastern Indonesia.