Weekly Infra Update - India (week of 5-Jul-20)
Updated: Aug 1, 2020
BP commits to UK-backed green fund in India
(Last Update: 9-Jul-20)
British oil and gas major BP has committed $70 million to the Green Growth Equity Fund (GGEF), also taking rights to co-invest alongside the vehicle and representation on the fund's advisory committee. An unlisted alternative investment fund, GGEF has a target size of $700 million.
Aside from BP, the other limited partners (LPs) are its 2 anchor investors:
Government of India via the Fund of Funds sub-fund of National Investment and Infrastructure Fund (NIIF) – £120 million ($152 million)
UK Government's Department for International Development – £120 million
GGEF invests in scalable operating companies and platforms across renewable energy, energy efficiency, energy storage, e-mobility, resource conservation and associated value chains.
Adani Transmission signs another acquisition (Last Update: 8-Jul-20)
Adani Transmission has signed agreements to acquire Alipurduar Transmission, valuing the target at an enterprise value of Rs12.86 billion ($172 million). The seller is EPC company Kalpataru Power Transmission.
After this acquisition, Adani Transmission will have around 15,400 ckt km of lines, of which roughly 12,200 ckt km is operational.
Bidding opens for Madhya Pradesh road PPPs
(Last Update: 7-Jul-20)
The Government of Madhya Pradesh, a state in India, has tendered 7 roads PPP packages, under the hybrid annuity model. The deadline for the 7 packages just tendered is 10 August.
The project procuring authority is Madhya Pradesh Road Development Corporation (MPRDC), fully owned by the state government.
The Asian Development Bank (ADB) contributed a $490 million loan to the government on 20 December 2019, to assist with concession payments for the projects. Concessions will be for construction plus 10 years of operations and maintenance.
NextPower III fund buys first Indian asset
(Last Update: 7-Jul-20)
NextPower III, a fund managed by UK-based NextEnergy Capital, has acquired an operational 27.4MW solar PV project in Odisha, India.
The investment marks the fund's first deal in India.
Terms of the sale were not disclosed.
NextPower III is NextEnergy Capital's third institutional solar fund, 1 of 2 private funds it manages. The closed-ended fund has raised $280 million of committed capital, toward a target size of $750 million. It targets ready-to-build or operational solar projects in high-growth international OECD markets. The geographies the fund is most focused on include: