IREDA Seeks Bids to Raise $113 mn for Renewable Energy Project Funding

20 Sep 2024 CW Team

The Indian Renewable Energy Development Agency (IREDA) has invited bids from banks and financial institutions to raise term loans totalling approximately $113.3 million, with an additional greenshoe option. The deadline for submitting bids is October 9, 2024.

IREDA is seeking to raise funds to finance renewable energy, energy efficiency, conservation projects, and renewable energy-related services in India. The loan will have a tenure of five years, with bullet repayment and a floating interest rate linked to the Tona interest rate, which can be paid semi-annually.

The selection of the lowest bidder will be based on least cost-based selection criteria, with the total cost calculated according to IREDA's evaluation. In the event that two or more bidders propose the same cost, the bidder offering the smallest margin above the interest rate benchmark will be selected.

The invitation to bid is open to all banks and financial institutions that have extended foreign currency loans in Japanese Yen to central public sector enterprises functioning as non-banking financial companies in the past five years. Bidders are required to comply with the regulations set by the Financial Action Task Force and the Office of Foreign Assets Control.

The eligibility criteria apply solely to the bidding bank or financial institution and do not extend to the ultimate lender in cases of downselling. IREDA will raise the loan on an unsecured basis, relying only on its financial strength.

Bidders must agree to a limit on total network borrowings and must also meet the minimum capital adequacy ratio and liquidity coverage ratio requirements set by the Reserve Bank of India.

Infrastructure Energy

17 Dec 2025

Vedanta Aluminium Uses 1.57 bn Units of Green Energy in FY25

Vedanta Aluminium, India’s largest aluminium producer, recently reported consumption of 1.57 billion units of renewable energy in FY25, marking a significant milestone in its 2030 decarbonisation roadmap. The company also achieved an 8.96 per cent reduction in greenhouse gas (GHG) emissions intensity compared to FY21, reinforcing its leadership in India’s low-carbon manufacturing transition. During FY25, Vedanta Aluminium expanded its renewable energy portfolio through long-term power purchase agreements, strengthening its strategy to source nearly 1,500 MW of renewable power over the lon..

Oberoi Group to Develop Luxury Resort at Makaibari Tea Estate

EIH Limited, the flagship company of The Oberoi Group, has announced the signing of a management agreement to develop an Oberoi luxury resort at the iconic Makaibari Tea Estate in Darjeeling. The project marks a key milestone in the Group’s long-term strategy of creating distinctive hospitality experiences in rare and environmentally significant locations. Established in 1859, Makaibari is one of the world’s oldest tea estates and is globally recognised for its Himalayan landscape, primary forests and exceptional biodiversity. Spread across 1,236 acres, the estate houses one of the world�..

GHV Infra Secures Rs 1.09 Bn EPC Order in Jamshedpur

GHV Infra Projects Ltd, a fast-growing EPC company in India’s infrastructure and construction sector, has recently secured a Rs 1.09 billion work order in Jamshedpur, Jharkhand. Awarded by a reputed group entity, the contract covers end-to-end civil construction, mechanical, electrical and plumbing (MEP) systems, along with high-quality finishing works for a large building development. The project will be executed over a 30-month period, with defined benchmarks for quality, safety and timely delivery. The order strengthens GHV Infra’s footprint in Jamshedpur, a key industrial hub known fo..