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Powergrid will issue bonds to raise up to Rs 9 billion
The Power Grid Corporation of India (Powergrid) board has given the go-ahead to raise unsecured, non-convertible, non-cumulative, redeemable, and taxable bonds through a private placement for Rs 9 billion.
Up until the financial year (FY) 2033, the funds will be raised by securitising the cash flows of its special purpose entity, Powergrid Mithilanchal Transmission.
The greenshoe option will cost Rs 6 billion, while the base issue amount of the bonds will be Rs 3 billion. The interest on the bonds will be paid quarterly, and they will be redeemable at par in 40 equal payments.
Around 86% of the nation's inter-regional networks are run by government-owned Powergrid, India's largest electric power transmission company.
With India establishing an ambitious goal of constructing 500 GW of non-fossil fuel capacity by 2030, integrating renewables into the national grid together with conventional sources of energy is a vital component of the country's energy transition agenda.
R K Singh,Union Power Minister, revealed a detailed plan to shut down the 500 GW of planned renewable power capacity by 2030 at a projected cost of Rs 2.44 trillion last December.
Also read:
Ahmedabad leads the way in solar energy use with 34,794 users
2,000 MW renewable energy projects to be developed by Onix Group in UP
The Power Grid Corporation of India (Powergrid) board has given the go-ahead to raise unsecured, non-convertible, non-cumulative, redeemable, and taxable bonds through a private placement for Rs 9 billion. Up until the financial year (FY) 2033, the funds will be raised by securitising the cash flows of its special purpose entity, Powergrid Mithilanchal Transmission. The greenshoe option will cost Rs 6 billion, while the base issue amount of the bonds will be Rs 3 billion. The interest on the bonds will be paid quarterly, and they will be redeemable at par in 40 equal payments. Around 86% of the nation's inter-regional networks are run by government-owned Powergrid, India's largest electric power transmission company. With India establishing an ambitious goal of constructing 500 GW of non-fossil fuel capacity by 2030, integrating renewables into the national grid together with conventional sources of energy is a vital component of the country's energy transition agenda. R K Singh,Union Power Minister, revealed a detailed plan to shut down the 500 GW of planned renewable power capacity by 2030 at a projected cost of Rs 2.44 trillion last December. Also read: Ahmedabad leads the way in solar energy use with 34,794 users 2,000 MW renewable energy projects to be developed by Onix Group in UP