CEA Allows Type Testing of Power Equipment at Manufacturer’s NABL Labs

CERC Approves Tariffs for NHPC’s 1.2 GW Wind-Solar Hybrid Power Projects

MHI Invites Bids to Set Up Rare Earth Permanent Magnets Manufacturing

ILJIN Electronics to Raise ₹2.96 Billion from Amber Group Through Rights Issue

PFC to Raise ₹1.6 Trillion from Indian and Global Markets

SWELECT-FortifyGrid JV to Set Up Solar-Battery Storage Platform in Singapore

GAIL Invests ₹130 Million in JV with TruAlt to Develop Biogas Plants

Bluspring Acquires STEAG India Unit to Strengthen Energy Services

Rajasthan Invites Bids to Install 4.5 MW Rooftop Solar Systems at Thermal Plants

CPWD Tenders 2.3 MW of Solar Projects in Andhra Pradesh


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					</table><p><a href="https://www.unionbankofindia.bank.in/en/home" target="_blank" rel="noopener">Union Bank of India</a> has announced it will issue green/sustainable bonds of up to ₹50 billion (~$541.35 million) in one or more tranches.</p>
<p>According to Union Bank’s Business Responsibility &amp; Sustainability Report for 2024-2025, the bank has extended credit facilities of ₹276.68 billion (~$3 billion) to the renewable energy sector as of March 31, 2025.</p>
<p>As of the same date, Union Bank sanctioned ₹7.79 billion (~$84.33 million) in loans under the Union Green Miles program for the purchase of electric two and four-wheelers. With no loan ceiling for four-wheelers, the bank provides up to ₹1 million (~$10,827) for purchasing electric two-wheelers.</p>
<p>Under its Union Solar program, the bank provides loans to businesses to install solar panels. Under this program, businesses can avail of loans ranging from ₹1 million (~$10,827.04) to ₹160 million (~$1.73 million) to install solar panels of capacities between 10 kW and 4 MW.</p>
<p>The bank is also leveraging other renewable energy programs, such as the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyaan, as well as government initiatives for compressed biogas and solar projects, to achieve its sustainability and green financing goals.</p>
<p>Union Bank has formed a subcommittee within its credit verticals to help the bank transition its credit portfolio toward sustainable/green finance. This will include measuring and reducing credit exposure to polluting industries.</p>
<p>Recently, Powergrid Corporation of India’s board <a href="https://www.mercomindia.com/powergrid-to-raise-%E2%82%B950-billion-loan-divest-stake-in-ctuil" target="_blank" rel="noopener">approved</a> raising up to ₹50 billion (~$541.45 million) through an unsecured rupee term loan or line of credit from the Union Bank of India. The loan will provide the company with additional financial resources for its operational and strategic requirements.</p>
<p>Last September, Oyster Green Hybrid Three, a subsidiary of Oyster Renewable Energy, <a href="https://www.mercomindia.com/oyster-secures-%E2%82%B918-billion-loan-for-342-mw-hybrid-project" target="_blank" rel="noopener">achieved</a> financial closure for its 342 MW wind-solar hybrid project in Madhya Pradesh, securing a loan of ₹18.44 billion (~$207.71 million) from the Union Bank of India with a tenure of approximately 20 years.</p>


Union Bank to Issue Green Bonds of Up to ₹50 Billion


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					</table><p>Powergrid Corporation of India’s (<a href="https://www.powergrid.in/en/" target="_blank" rel="noopener">POWERGRID</a>) board has approved raising up to ₹50 billion (~$541.45 million) through an unsecured rupee term loan or line of credit from the <a href="https://www.unionbankofindia.bank.in/en/home" target="_blank" rel="noopener">Union Bank of India</a>.</p>
<p>The loan will provide the company with additional financial resources for its operational and strategic requirements.</p>
<p>The board also granted approval to divest POWERGRID’s equity stake in <a href="https://ctuil.in/" target="_blank" rel="noopener">Central Transmission Utility of India</a>, which is currently a wholly owned subsidiary of the company. The proposed divestment will involve transferring the stake to the <a href="https://grid-india.in/en/" target="_blank" rel="noopener">Grid Controller of India</a>.</p>
<p>POWERGRID also approved an investment to establish a centralized security operations center for substations.</p>
<p>The project is estimated to cost ₹2.33 billion (~$25.23 million) and is intended to strengthen cybersecurity and operational monitoring of substations. The project is scheduled for implementation within 24 months of approval by the Central Electricity Regulatory Commission.</p>
<p>Further, POWERGRID will enter into a strategic alliance with Africa50 and Uganda Development Bank. As part of this collaboration, POWERGRID will sign a framework agreement to develop a transmission project in Uganda under the independent power transmission model, marking a step toward expanding the company’s international presence.</p>
<p>Recently, the Cabinet Committee on Economic Affairs <a href="https://www.mercomindia.com/government-approves-higher-equity-investment-cap-for-powergrid" target="_blank" rel="noopener">raised</a> the permissible equity investment limit for POWERGRID in its subsidiaries to ₹75 billion (~$825.25 million) per subsidiary, up from ₹50 billion (~$550.17 million). However, POWERGRID’s investments in its subsidiaries must not exceed 15% of its net worth.</p>
<p>Last November, POWEGRID <a href="https://www.mercomindia.com/powergrid-approves-bond-issue-to-raise-%E2%82%B938-billion" target="_blank" rel="noopener">approved</a> the launch of its 83rd bond issue under its 2025-26 program, authorizing the company to raise ₹38 billion (~$428.72 million). The bond issue had a base size of ₹10 billion (~$112.82 million) and a greenshoe option of ₹28 billion (~$315.90 million). POWERGRID said the bonds will remain unsecured, and no charge or security will be created in connection with the issue.</p>


POWERGRID to Raise ₹50 Billion Loan, Divest Stake in CTUIL


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					</table><p>Oyster Green Hybrid Three, a subsidiary of <a href="https://www.oysterrenewable.com/" target="_blank" rel="noopener">Oyster Renewable Energy,</a> has achieved financial closure for its 342 MW wind-solar hybrid project in Madhya Pradesh, securing a loan of ₹18.44 billion (~$207.71 million) from the <a href="https://www.unionbankofindia.co.in/en/home" target="_blank" rel="noopener">Union Bank of India</a> with a tenure of approximately 20 years.</p>
<p>The company said the co-located solar-wind project will be connected to the interstate transmission system. It added that it has finalized a 25-year power purchase agreement under captive norms with a process industry unit.</p>
<p>Oyster provides solar, wind, and solar-wind hybrid solutions to clients in the commercial and industrial sector. It plans to invest ₹160 billion (~$1.8 billion) to achieve a renewable energy capacity of 2 GW by 2028. The company is expected to close a capacity of 300 MW  by December 1, 2025.</p>
<p>In June this year, Jindal Stainless <a href="https://www.mercomindia.com/jindal-stainless-to-procure-700-mu-of-hybrid-renewable-power-from-oyster" target="_blank" rel="noopener">announced</a> that it would procure approximately 700 million units of renewable energy annually from Oyster Renewable Energy’s 282 MW interstate wind-solar hybrid power projects, which are under development. The projects are being implemented by Oyster’s special purpose vehicle, Oyster Green Hybrid One. Jindal acquired a 33.64% stake in Oyster Green Hybrid One.</p>
<p>The wind-solar hybrid projects comprise an 82 MW wind project and a 135 MW solar project in Agar, Madhya Pradesh, and a 99 MW wind project in Bhuj, Gujarat. The company will invest approximately ₹1.32 billion (~$15.4 million), with ₹792 million (~$9.25 million) allocated to the current tranche upon achieving a milestone.</p>
<p>The projects, backed by a ₹15.17 billion (~$176.65 million) loan by the Indian Renewable Energy Development Agency, are likely to be commissioned by the third quarter of the financial year 2026. The projects are likely to be commissioned by the third quarter of the financial year 2026.</p>
<p>Jindal Stainless also <a href="https://www.mercomindia.com/jsl-super-steel-to-procure-11-mw-solar-power-from-sunsures-project" target="_blank" rel="noopener">signed</a> a memorandum of understanding with Oyster for a wind-solar hybrid renewable project in Hisar, Haryana, for 100 MW of renewable energy.</p>


Oyster Secures ₹18 Billion Loan for 342 MW Wind-Solar Hybrid Project

<p>The Union Bank of India has approved Indosolar’s proposal for one-time settlement (OTS), according to a Bombay Stock Exchange (BSE) filing. The debt of the Union Bank of India has been standing for over 9 years now.</p>
<p>The proposal has two components, serviceable debt and non-serviceable debt. The serviceable debt component will be paid within six years and the last installment will be due on or before March 31, 2014. The non-serviceable debt component will be converted into optionally convertible cumulative redeemable preference shares (OCCRPS) and redeemed within four years starting April 1, 2024.</p>
<p>According to Mercom India Research, Indosolar’s debt issues have been dragging on for few years now. In 2015, lenders to Indosolar including Union Bank of India gave the company a fresh lease of life through a second loan recast after it could not even service its debts.</p>
<p>“The company has been incurring losses as there’s less demand of Indian modules due to cost constraints, this one-time settlement will help the company turnaround its business. Out of the past few years, not one has been profitable for us as a company,” said a Indosolar executive.</p>
<p>According to annual returns and financial statements filed by Indosolar up to March 31, 2016, the total registered charges of Indosolar stands at ₹43,02,91,05,000.00 (20 charges) out of which, charges amounting ₹1,109.92 Cr (1 charge) are still open and ₹3,192.99 Cr (19 charges) are satisfied and closed. Overall, Union Bank of India held highest open charge, amounting ₹11,09,92,00,000.00.</p>
<p>According to financial statements filed by Indosolar up to March 31, 2017, the company’s current liabilities exceeded the current assets by ₹132838.84 lakhs.</p>
<p>According to <a href="https://mercomindia.com/research/" target="_blank" rel="noopener">Mercom’s Solar Manufacturing Tracker</a>, Indosolar has installed solar cell manufacturing capacity of 260 MW.</p>
<p>Indian solar manufacturers have been struggling to compete with cheaper Chinese solar cell and module imports. In June this year, Indian solar manufacturers filed an <a href="https://mercomindia.com/breaking-india-initiates-anti-dumping-proceedings-solar-imports-china-taiwan-malaysia/" target="_blank" rel="noopener">anti-dumping petition</a> with the Ministry of Trade and Commerce, against Chinese solar modules and cells. Domestic manufacturers are hoping for a reversal in their fortunes once the antidumping tariff is imposed.</p>


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