9SEPTEMBER 2024IIHL STIPULATES INR 7,300 CR DEBT FOR RCAPJSW SECURES CONTRACT FROM NTPC TO SETUP A 300MW POWER PROJECTLenders to debt-ridden Reliance Capital (RCAP) have raised concerns regarding the term sheet provided by the Hinduja Group firm IIHL for Rs 7,300 crore debt mobilisation to fund acquisition. The committee of creditors (CoC) has expressed concerns that bankers to IndusInd International Holdings Ltd (IIHL) have imposed numerous conditions for offering JSW Energy announced that its subsidiary, JSW Neo Energy, has received a Letter of Award (LoA) from NTPC to establish a 300 MW wind-solar hybrid power project. With this new award, JSW Energy's total locked-in generation capacity now stands at 16.7 GW, which includes 2.6 GW of hybrid capacity. The company Rs 7,300 crore debt and some of these conditions can only be met by IIHL after the resolution plan has been executed, sources said.Besides, sources said, the term sheets indicate that additional terms and conditions may be introduced in the final binding agreements.The CoC has requested that IIHL should also provide these definitive documents for review, they said.Notably, IIHL is raising Rs 7,300 crore through debt to finance the RCAP resolution plan, while the balance Rs 2,750 crore via equity or cash which IIHL has deposited in the COC's escrow accounts.IIHL has appointed 360 One and Barclays for raising Rs 7,300 crore through debt. Out of this, 360 One has been mandated to raise Rs 5,000 crore, while Rs 2,300 crore is being raised by Barclays.According to sources, the term sheets for Rs 7,300 crore were shared with the CoC on the directions of the National Company Law Tribunal, Mumbai.The key conditions in the term sheets for the drawdown include pledge of equity shares of RCAP issued to IIHL, a first-ranking hypothecation over all the assets of RCAP and pledge of 100 percent shareholding of Reliance Securities Limited with the new lenders. views this project as a step towards enhancing its energy solution offerings and advancing its transition towards becoming an energy products and services company.JSW Energy's total generation capacity is spread across 7.5 GW of operational projects, 2.3 GW under construction across wind, thermal, and hydro sources, and an additional 6.9 GW in the renewable energy pipeline. The company also holds 4.2 GWh of energy storage capacity through battery storage systems and hydro-pumped storage projects. It is aiming to increase its generation capacity to 20 GW and energy storage capacity to 40 GWh by 2030, with a long-term goal of achieving carbon neutrality by 2050.In another update, JSW Energy's subsidiary, JSW Renew Energy Twenty Ltd, signed a power purchase agreement (PPA) with the Bangalore Electricity Supply Company for a 300 MW solar project awarded by Karnataka Renewable Energy Development. The PPA, which extends until FY 2044, sets the tariff at Rs 2.89/KWh. The project will be located in Pavagada Solar Park, Karnataka, and is expected to be completed within the next 18 months. JSW Energy's current solar project pipeline totals 3.2 GW, with PPAs secured for 1.3 GW.
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