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Goldman Sachs Alternatives Invests $440 Million in BrightNight

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					</table>Government-owned lender Indian Renewable Energy Development Agency (<a href="https://www.ireda.in/home" target="_blank" rel="noopener">IREDA</a>) approved loans amounting to ₹91.36 billion (~$1.09 billion) in the first quarter of financial year 2024-25, up 382.62% compared to the same period in the previous year.
Loan disbursements also saw substantial growth, rising to ₹53.2 billion (~$638 million), up 67.61% from ₹31.74 billion (~$380 million) last year, according to a filing made to the <a href="http://www.nseindia.com/" target="_blank" rel="noopener">National Stock Exchange of India</a> and <a href="https://www.bseindia.com/" target="_blank" rel="noopener">BSE</a>.
Meanwhile, IREDA&#8217;s loan book expanded by 33.77% in the quarter to ₹631.5 billion (~$7.56 billion) from ₹472.07 billion (~$5.56 billion) at the end of the corresponding quarter in the previous year.
The state-owned non-banking financial institution extends financial assistance for renewable energy and energy efficiency projects.
IREDA&#8217;s strong performance comes when India pushes to increase its renewable energy capacity. The government has set targets for renewable energy installation to achieve 500 GW of non-fossil fuel-based energy capacity by 2030.
The lender&#8217;s loan approvals and disbursements <a href="https://www.mercomindia.com/ireda-loan-approvals-disbursements-record-high-fy-2024" target="_blank" rel="noopener">reached</a> a record high in FY 2024 when it approved loans amounting to ₹373.54 billion (~$4.48 billion) and disbursed ₹250.89 billion (~$3.01 billion).
Recently, IREDA <a href="https://www.mercomindia.com/ireda-raises-%e2%82%b915-billion-via-bonds-issue-times" target="_blank" rel="noopener">raised</a> ₹15 billion (~$179.5 million) through bonds, reflecting strong investor confidence in India&#8217;s renewable energy sector. The bond issuance, which included a base issue of ₹5 billion (~$59.8 million) and a green shoe option of ₹10 billion (~$119.7 million), received an overwhelming response from investors. The bonds were oversubscribed by 2.65 times.
On the financial front, the company <a href="https://www.mercomindia.com/iredas-profits-surge-2024-as-npas-drop" target="_blank" rel="noopener">reported</a> a 45.9 % year-over-year increase in profit after tax for the fourth quarter of the FY 2024 to ₹373.76 million (~$4.4 million) from ₹256.16 million (~$3.07 million). The profit growth was primarily driven by the consistent growth in the company&#8217;s loan book and a significant reduction in its net non-performing assets.
Last year, the company <a href="https://www.mercomindia.com/ireda-loans-program-rooftop-solar-pm-kusum-consumers" target="_blank" rel="noopener">launched</a> its retail division with an emphasis on providing loans in the business-to-consumer (B2C) sector. The strategic initiative is aimed at attracting borrowers under the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan program, rooftop solar consumers and other B2C segments.

IREDA’s Q1 Loan Sanctions Jump 383% in Boost to Renewables

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					</table>NSE Indices, National Stock Exchange&#8217;s (<a href="https://www.nseindia.com/" target="_blank" rel="noopener">NSE</a>) subsidiary, has launched India&#8217;s first Sovereign Green Bond indices, which will track the performance of Indian Sovereign Green Bonds issued by the government recently.
These indices &#8211; Nifty India Sovereign Green Bond Jan 2028 Index and Nifty India Sovereign Green Bond Jan 2033 Index – will have a maturity date of January 31, 2028, and January 31, 2033, respectively.
Both indices have a base date of January 27, 2023, and a base value of 1,000. The indices will be reviewed monthly.
The government <a href="https://mercomindia.com/government-sale-maiden-%e2%82%b9160-billion-green-bonds/" target="_blank" rel="noopener">completed</a> the sale of its first-ever sovereign green bonds worth ₹160 billion (~$1.9 billion) in February this year in two tranches of equal amounts.
The yield on the five-year bond maturing in 2028 closed at 7.25%, and the 10-year bond maturing in 2033 closed at 7.34%. The Reserve Bank of India had set the cut-off yields at 7.23% and 7.29 % for the two bonds, respectively.
The first tranche of the green bonds worth ₹80 billion (~$970 million) was auctioned on January 25, 2023. The first installment yielded a slightly higher premium than the second one.
The government proposes to deploy the proceeds from the green bonds in public sector projects, which will help reduce the economy&#8217;s carbon intensity. It listed nine sectors, including climate change, sustainable water and waste management, clean transportation, renewable energy, and pollution control, that would benefit from the funds raised through green bonds.
Mukesh Agarwal, CEO of NSE Indices, said, &#8220;These indices are expected to act as a benchmark for asset managers and be a reference index tracked by passive funds in the form of Exchange Traded Funds (ETFs), index funds and structured products, which can provide fixed income investors efficient and cost-effective access to the Indian sovereign green bond market while making a positive impact on the society.&#8221;
Following the auction of the sovereign green bonds, the Indore Municipal Corporation also came out with a ₹2.44 billion (~$29.67 million) green bond issue in February. The bonds <a href="https://mercomindia.com/indore-municipal-corporation-%e2%82%b93-billion-green-bonds/" target="_blank" rel="noopener">received</a> an enthusiastic response from investors and raised over ₹3 billion (~$36.69 million).
The urban civic body intends to use the proceeds to fund a 60 MW ground-mounted captive solar photovoltaic project in the Khargone district in Madhya Pradesh.
Several corporate bodies have also been issuing green bonds to finance clean energy infrastructure projects, including solar and wind energy projects. After a review of the regulatory framework in the backdrop of increasing interest in sustainable finance in India and around the world, the market regulator Securities Exchange Board of India, recently <a href="https://mercomindia.com/regulator-issues-disclosure-norms-green-debt-securities/" target="_blank" rel="noopener">issued</a> a protocol for listing green debt securities.

NSE Launches India’s first Sovereign Green Bond Indices

<a href="https://virescent.co.in/" target="_blank" rel="noopener">Virescent Infrastructure</a>, a renewable energy platform of global investment company <a href="https://www.kkr.com/" target="_blank" rel="noopener">KKR</a>, has filed a draft placement memorandum with the Securities and Exchange Board of India and the National Stock Exchange of India to list its infrastructure investment trust (InvIT) on the Stock Exchange.
The company expects to raise gross proceeds of ₹4.25 billion (~$57.12 million) through this listing for its solar assets in India. Of this, ₹3.49 billion (~$46.91 million) will be utilized for partial repayment/pre-payment of its outstanding loans of ₹9.34 billion (~$125.56 million).
It plans to set aside ₹195 million (~$2.62 million) from the proceeds to pay <a href="https://sindicatum.com/" target="_blank" rel="noopener">Sindicatum Captive Energy Singapore</a> as a holdback amount subject to and upon completion of a particular milestone defined in the amendment cum supplement agreement signed by both parties. The remaining proceeds will be used for general corporate purposes. In May 2021, Virescent Renewable Energy Trust had <a href="https://mercomindia.com/kkrs-renewable-platform-virescent-acquires-76-mw-of-solar-projects-from-sindicatum/" target="_blank" rel="noopener">acquired</a> 76 MWdc (68 MWac) of solar projects from Singapore-based Sindicatum Renewable Energy.
In its draft placement memorandum, the company mentioned that it has 259 MWac of solar project capacity in operation across states like Gujarat, Tamil Nadu, Maharashtra, Uttar Pradesh, and Rajasthan. This is apart from the 68 MW solar projects acquired in May 2021.
The combined revenue from operations of the special purpose vehicles for these solar projects for the financial year ending March 31, 2021, was over ₹3.44 billion (~$47 million).
For the InvIT issue, Axis Capital acted as a lead manager, and Shardul Amarchand Managaldas &amp; Co acted as a legal advisor.
Earlier in February 2021, the proposed Inv of ITVirescent Renewable Energy Trust <a href="https://mercomindia.com/daily-news-wrap-up-nte-energy/" target="_blank" rel="noopener">received</a> ‘AAA/Stable’ provisional rating for its bank loan facilities from CRISIL, an S&amp;P company.
Last year, KKR <a href="https://mercomindia.com/daily-news-wrap-up-kkr/" target="_blank" rel="noopener">launched</a> Virescent Infrastructure to acquire renewable energy assets in India. Virescent, headquartered in Mumbai, is expected to expand its diversified portfolio of renewable energy assets facilitated by KKR’s infrastructure fund investments. 
Mercom had earlier <a href="https://mercomindia.com/kkr-acquire-solar-assets-sp-infra/" target="_blank" rel="noopener">reported</a> that Shapoorji Pallonji Infrastructure Capital (<a href="http://www.spinfra.co.in/sp-infra/">SP Infra</a>), a part of the Shapoorji Pallonji Group, and KKR signed an agreement under which the SP Infra is expected to sell five of its operational solar energy assets to KKR for ₹15.54 billion (~$204 million).
KKR together with Sterlite Power is also the sponsor of the Indian power sector’s first InvIT &#8211; IndiGrid, established to own and operate power transmission and renewable energy assets in India.

KKR’s Renewable Platform Virescent Plans ₹4.25 Billion InVIT Issue for its Solar Assets

Government-owned mining and power generating company, Neyveli Lignite Corporation India Limited (<a href="https://www.nlcindia.com/new_website/index.htm" target="_blank" rel="noopener noreferrer">NLCIL</a>), has announced that out of the 709 MW of solar power projects awarded by the Tamil Nadu Generation and Distribution Corporation (<a href="http://www.tangedco.gov.in/" target="_blank" rel="noopener noreferrer">TANGEDCO</a>), the remaining 351 MW have been completed in the districts of Tirunelveli, Tuticorin, Virudhunagar, and Ramanathapuram.
With the commissioning of 709 MW of solar projects in Tamil Nadu, the overall solar generation capacity of NLC has increased to 1,350 MW, states a letter issued by the NLC to the Bombay Stock Exchange (BSE) and the National Stock Exchange of India Limited (NSE).
Mercom had <a href="https://mercomindia.com/nlc-india-tenders-solar-epc-contract-709-mw-tamil-nadu/" target="_blank" rel="noopener noreferrer">reported</a> that NLC India floated EPC tender for 709 MW of solar projects to be deployed in Tamil Nadu.  NLC India had won a bid to develop 709 MW out of the total 1,500 MW tendered by TANGEDCO.
In <a href="https://mercomindia.com/nlc-india-200-mw-solar-tamil-nadu/" target="_blank" rel="noopener noreferrer">March 2019</a>, it was reported that NLC commissioned 200 MW of grid-connected solar projects in Tamil Nadu. Then, in May 2018, NLC had commissioned <a href="https://mercomindia.com/nlc-commissions-300mw-solar-tamil-nadu/" target="_blank" rel="noopener noreferrer">300 MW</a>.
Meanwhile, in May 2019, Mercom <a href="https://mercomindia.com/payment-delays-hit-solar-and-wind-developers/" target="_blank" rel="noopener noreferrer">reported</a> that in Tamil Nadu, TANGEDCO had delayed payments for more than a year to renewable developers. The distribution company (DISCOM) also has been known for curtailing power from solar and wind projects.  These practices have affected the DISCOM’s reputation gravely, and it is finding it very difficult to find takers for its wind and solar tenders. A TANGEDCO official had told Mercom that the state distribution companies have now handed over the responsibility of tendering for solar and wind to SECI.
According to Mercom’s India <a href="https://mercomindia.com/product/india-solar-project-tracker/" target="_blank" rel="noopener noreferrer">Solar Project Tracker</a>, with the recent commissioning of the projects, Tamil Nadu now has ~2.7 GW of large-scale solar projects in operation and nearly 1.2 GW of projects in various stages of development.
Image credit: Hbkfromckd108 [CC BY-SA <a href="https://creativecommons.org/licenses/by-sa/4.0" target="_blank" rel="noopener noreferrer">4.0</a>]

NLC India Commissions 351 MW of Solar Projects in Tamil Nadu

The <a href="https://www.sebi.gov.in/" target="_blank" rel="noopener noreferrer">Securities and Exchange Board of India</a> (SEBI) has given its approval to <a href="https://sterlingandwilsonsolar.com/" target="_blank" rel="noopener noreferrer">Sterling and Wilson Solar Limited</a> (SWSL) to float its proposed initial public offering that is estimated to raise about ₹45 billion (~$656 million).
The shares of Sterling and Wilson Solar are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange.
The global solar EPC solutions provider, Sterling and Wilson Solar, had filed its <a href="https://mercomindia.com/solar-epc-sterling-and-wilson-%E2%82%B945-billion-ipo/" target="_blank" rel="noopener noreferrer">draft red herring prospectus</a> for the IPO with SEBI on April 15, 2019.
According to sources, the IPO will be an offer-for-sale by the company&#8217;s chairman Khurshed Yazdi Daruvala, and Shapoorji Pallonji and Company, the promoter selling shareholders.
As reported <a href="https://mercomindia.com/solar-epc-sterling-and-wilson-%E2%82%B945-billion-ipo/" target="_blank" rel="noopener noreferrer">previously by Mercom</a>, the prospectus stated that the company plans to offer equity shares of face value ₹1 ($0.014) with a total aggregate of ₹45 billion (~$656 million). The prospectus also stated that the promoter selling shareholders would utilize a portion of the net offer proceeds, towards funding partial repayment of loans due to the company and Sterling and Wilson International Solar FZCO from Sterling and Wilson Pvt Ltd and Sterling and Wilson International FZE (a subsidiary of SWPL) respectively.
ICICI Securities Limited, Axis Capital Limited, Credit Suisse Securities (India) Private Limited, Deutsche Equities India Private Limited, IIFL Holdings Limited, SBI Capital Markets Limited will be the global coordinators for this IPO. Apart from this, IndusInd Bank Limited and YES Securities (India) Limited are the book running lead managers to the issue.
<a href="https://mercomindia.com/solar-epc-company-gensol-plans-ipo/" target="_blank" rel="noopener noreferrer">Recently</a>, Mercom also reported about another EPC company, Gensol Engineering Limited (Gensol), has filed a draft red herring prospectus for its IPO.
<a href="https://mercomindia.com/wp-content/uploads/2019/07/sws.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-14316" src="https://mercomindia.com/wp-content/uploads/2019/07/sws.png" alt="Solar EPC Company Sterling and Wilson Solar Receives SEBI's Approval for its IPO" width="527" height="199" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2019/07/sws.png 527w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2019/07/sws-300x113.png 300w" sizes="(max-width: 527px) 100vw, 527px" /></a>
The company’s order book was ₹43 billion (~$629 million) as of December 31, 2018, in fiscal 2018 and in the nine months ended December 31, 2018, Sterling and Wilson’s revenue from operations outside India accounted for 59.11% and 65.13% of its total revenue from operations, respectively.

Solar EPC Company Sterling and Wilson Solar Receives SEBI’s Approval for its IPO

Solar component manufacturer Solex Energy Limited (<a href="http://solex.in/" target="_blank" rel="noopener">SEL</a>) has become the latest Indian renewables company to announce plans for an initial public offering (IPO) in recent months.
Regulatory documents show that the company is planning to hold the offering on Emerge, the National Stock Exchange’s (<a href="https://www.nseindia.com/" target="_blank" rel="noopener">NSE</a>) platform for small and medium enterprises.
The company has a small manufacturing capacity of 30 MW as of September, according to <a href="https://mercomindia.com/research/" target="_blank" rel="noopener">Mercom Manufacturing Tracker</a>. Solex also makes distributed solar products such as solar street lighting, solar lanterns, solar water pumps, among others.
According to the company’s 2016-17 <a href="https://mercomindia.com/research/" target="_blank" rel="noopener">annual report</a>, Solex reported revenues of ₹345 million (~$5.39 million) which was down about 26% from ₹466 million (~$6.97 million) from the year before. The company blamed the decline in sales on demonetization but said that due to cost cutting measures it was able to improve profit margins from ₹3.6 million (~$56,330) from the previous year to ₹9.1 million (~$142,390).
SEL is planning to issue 1,380,000 equity shares with a face value of ₹10 per share (~$0.15). The equity shares are being priced at ₹52 (~$0.81) per share and are expected to raise a total of ₹7.17 billion (~$112.16 million). The offering is set to close on January 25, 2018.
A portion of the equity shares, 72,000 are being reserved for subscription by IPO’s market maker Beeline Broking Limited. Swastika Investmart Limited has been designated as the lead manager for the issuance of the equity shares.
SEL plans to use the IPO proceeds for working capital and general corporate purpose. The company was founded in 2014 and is based in Gujarat’s Anand district.
Considering the company’s revenues last year, the valuation it is looking for is fairly steep.
SEL is the latest in a string of Indian renewables businesses that have opted for an IPO in recent months.
In <a href="https://mercomindia.com/ireda-files-ipo-sebi/" target="_blank" rel="noopener">December 2017</a>, the Indian Renewable Energy Development Agency (<a href="http://ireda.in/" target="_blank" rel="noopener">IREDA</a>) filed a draft red herring prospectus with the Securities and Exchange Board of India (<a href="https://www.sebi.gov.in/" target="_blank" rel="noopener">SEBI</a>) to issue 139 million equity shares priced at ₹10 per share (~$0.16) as part of its IPO.
In <a href="https://mercomindia.com/acme-solar-raise-335-million-ipo/" target="_blank" rel="noopener">October 2017</a>, ACME Solar Holdings a project developer also filed a draft red herring prospectus with SEBI for a ₹22,000 million (~$336.86 million) IPO at a face value of ₹10 (~$0.15) per share.
Image credit: Investopedia

Solex Energy Limited Launches Its Initial Public Offering

Proceeding with its plan of launching an Initial Public Offering (IPO), the Indian Renewable Energy Development Agency (<a href="http://ireda.in/" target="_blank" rel="noopener">IREDA</a>) has filed a draft red herring prospectus with the Securities and Exchange Board of India (<a href="https://www.sebi.gov.in/" target="_blank" rel="noopener">SEBI</a>). IREDA plans to issue 139 million equity shares priced at ₹10 (~$0.16) each as part of its IPO.
The shares will be issued for purchase by the public on a book-building basis. The agency will issue shares to retail investors and its employees at a discount of 5 percent on the issue price of each share. The agency has reserved 695,000 equity shares for its employees.
YES Securities (India) Limited, Elara Capital (India) Private Limited, IDBI Capital Markets &amp; Securities Limited, SBI Capital Markets Limited, and Link Intime India Private Limited will be managing IREDA’s IPO. The shares will be traded on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
This IPO will help IREDA increase its equity base by creating a larger debt resource for lending. This will be a welcome move for the Indian renewable energy sector as IREDA is the only specialized financial institution lending to renewable energy projects in India, as of now.
An IREDA official had previously told Mercom, “This year, the government had slashed IREDA’s borrowing target by close to 34-35 percent. Now, we will be able to fund more projects as this IPO will infuse more funds into IREDA’s account.”
Mercom had <a href="https://mercomindia.com/ireda-launch-ipo/" target="_blank" rel="noopener">previously reported</a> that the Cabinet Committee on Economic Affairs <a href="http://pib.nic.in/newsite/PrintRelease.aspx?relid=164462" target="_blank" rel="noopener">approved</a> the launch of IREDA’s IPO on June 7, 2017.
To finance the country’s renewable energy dream, the IREDA recently raised <a href="https://mercomindia.com/ireda-raises-green-masala-bonds/" target="_blank" rel="noopener">$300 million (~₹19.5 billion)</a> through the issuance of Green Masala Bonds on the Singapore Exchange (SGX).
Mercom has also <a href="https://mercomindia.com/acmes-ipo-bhadla-solar-project/" target="_blank" rel="noopener">recently reported</a> that SEBI has approved ACME Solar Holdings’ Initial Public Offering (IPO) worth ₹22,000 million (~$336.86 million).

IREDA Files IPO Papers with SEBI

The Indian Energy Exchange (<a href="https://www.iexindia.com/" target="_blank" rel="noopener">IEX</a>) launched its initial public offering (IPO) issuing 60,65,009 equity shares at a face value ₹10 (~$0.15) each. The IEX has priced the shares in the range of ₹1,645 (~$25.14) to ₹1,650 (~$25.21). The IPO will constitute up to 20 percent of IEX’s post-IPO paid up equity share capital.
AXIS Capital, Kotak Investment Banking, and IIFL Holdings are the book running lead managers, and Karvy Computershare Private Limited is the Registrar of the offer. The equity shares are listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The minimum order quantity for the IPO is nine equity shares.
Only retail individual bidders are eligible to bid at the cut-off price; QIBs and non-institutional bidders are not eligible to bid at the cut-off price. A retail individual can bid for a maximum of ₹2,00,000 (~$3,056).
The existing shareholders in IEX, including Tata Power Company, Aditya Birla Group, Madison India Capital, Multiples Alternate Asset Management, AF Holdings, Kiran Vyapar Ltd, Golden Oak (Mauritius) Ltd, and IEX’s former chief executive Jayant Deo, are selling their shares in the public offering.
As of October 10, 2017, 11.30am IST, the issue was subscribed by 24 percent.
<a href="https://mercomindia.com/wp-content/uploads/2017/10/IEX-IPO.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-7877" src="https://mercomindia.com/wp-content/uploads/2017/10/IEX-IPO.png" alt="IEX Launches IPO" width="337" height="126" srcset="https://cms.mercomindia.com/wp-content/uploads/2017/10/IEX-IPO.png 337w, https://cms.mercomindia.com/wp-content/uploads/2017/10/IEX-IPO-300x112.png 300w, https://cms.mercomindia.com/wp-content/uploads/2017/10/IEX-IPO-336x126.png 336w" sizes="(max-width: 337px) 100vw, 337px" /></a>
In <a href="https://mercomindia.com/indian-energy-exchange-iex-launch-ipo/" target="_blank" rel="noopener">June 2017</a>, as a first step towards IPO, the IEX filed draft papers with the Securities and Exchange Board of India (SEBI) for the IPO launch.
There’s an increasing number of companies opting for an IPO in India. Recently, the Indian Renewable Energy Development Agency (<a href="https://mercomindia.com/ireda-launch-ipo/" target="_blank" rel="noopener">IREDA</a>) approved the launch of its IPO for 139 million equity shares. In <a href="https://mercomindia.com/acme-solar-raise-335-million-ipo/" target="_blank" rel="noopener">October 2017</a>, ACME Solar Holdings filed a draft red herring prospectus with SEBI for a ₹22,000 million (~$336.86 million) IPO at a face value of ₹10 (~$0.15) per share.
Image credit: Investopedia

IEX Launches IPO

As expected, ACME Solar Holdings has filed a draft red herring prospectus with Securities and Exchange Board of India (SEBI) for a ₹22,000 million (~$336.86 million) IPO at a face value of ₹10 (~$0.15) per share. ICICI Securities, Citigroup Global Markets India, Deutsche Equities India and Link Intime India Private Limited will be managing ACME’s IPO.
The company has not yet disclosed the number of shares that will be up for grabs on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
When contacted an ACME executive said, “all the information is provided in the company release, we are awaiting approval for pre-IPO after which we can ascertain the number of equity shares.”
ACME is considering a Pre-IPO placement of up to 5,222,079 equity shares to certain investors for an amount not exceeding ₹5,000 million (~$76.56 million). The pre-IPO Placement will be at the discretion of ACME and at a price to be determined by it, subject to approval of shareholders.
The promoters, Manoj Kumar Upadhyay and ACME Cleantech Solutions Private Limited, have provided the aggregate of 20 percent of the fully diluted post-issue equity share capital of the company held by them towards minimum promoters’ contribution which has been locked-in for a period of three years from the date of allotment.
According to Mercom’s <a href="https://mercomindia.com/product/india-solar-project-tracker/" target="_blank" rel="noopener">India Solar Project Tracker</a>, ACME has installed solar projects totaling 794 MW and has 990 MW of projects under development.
Mercom had confirmed the IPO plans several months back and fact that the draft prospectus was filed about a month ago.
According to the filing, ACME Solar will use ₹4,356.9 million (~$66.71 million) to repay debt from Piramal Finance and Innovador Traders. ACME Solar is planning to also repay ₹5,410 million (~$82.84 million) to its parent ACME Cleantech.
More importantly, the company plans to use ₹8,690 million (~$133.06 million) to finance the Bhadla solar power projects which it won in an auction conducted in July at the lowest bid in India to date of ₹2.44 (~$0.04)/kWh.
Image credit: Investopedia

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