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					</table><p>Renewable power producer <a href="https://www.azurepower.com/" target="_blank" rel="noopener">Azure Power</a> has secured project refinancing of ₹13 billion (~$154.86 million) from <a href="https://hsbc.com/">HSBC</a> for its 300 MW solar power project near Jodhpur, Rajasthan. The debt has been amortized for 21 years.</p>
<p>The project, operational since March 2023, has a long-term offtake agreement from the Solar Energy Corporation of India (SECI).</p>
<p>Azure Power has a portfolio of over 4.3 GW of renewable energy assets in India.</p>
<p>In May, the Central Electricity Regulatory Commission <a href="https://www.mercomindia.com/cerc-compensation-azure-gib/" target="_blank" rel="noopener">issued</a> an order directing SECI and distribution companies to compensate Azure Power‘s special purpose vehicle companies, Azure Power Maple and Azure Power Forty One, for the additional expenditure incurred due to the installation of bird diverters on transmission lines in the Great Indian Bustard (GIB) habitat.</p>
<p>Azure Power Maple had set up a 300 MW solar power project in Rajasthan after winning a bid by SECI in 2019 to supply power at ₹2.54 (~$0.030)/kWh. Azure Power Forty One also won another SECI bid in 2019 to set up a 300 MW solar project in Rajasthan at ₹2.58 (~$0.031)/kWh. The projects were commissioned in 2022 and 2023 respectively.</p>
<p>Azure Power Maple had installed 4,834 bird diverters at a cost of ₹9.89 million (~$118,000) for its 300 MW project, and Azure Power Forty One installed 1,253 bird diverters at a cost of ₹2.57 million (~$30,700) for the other 300 MW project.</p>
<p>The compensation was ordered in the context of a Supreme Court order that <a href="https://www.mercomindia.com/overhead-powerlines-underground-great-indian-bustard" target="_blank" rel="noopener">mandated</a> the installation of bird diverters on all existing and future overhead power lines in the priority and potential habitats of the GIB.</p>
<p>In 2022, Azure <a href="https://www.mercomindia.com/azure-power-agreement-solar-module-supplies-four-years" target="_blank" rel="noopener">signed</a> an agreement with Premier Energies Group to procure solar cells and modules up to 600 MW annually for four years.</p>
<p>In the same year, Azure <a href="https://www.mercomindia.com/daily-news-wrap-up-azure-commissions-assams-solar-project" target="_blank" rel="noopener">commissioned</a> a 90 MW solar power project in Assam with a 25-year power purchase agreement with the Assam Power Distribution Company.</p>


Azure Power Gets ₹13 Billion Refinancing for 300 MW Solar Project from HSBC


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					</table><p>U.S.-based <a href="https://www.hecateenergy.com/" target="_blank" rel="noopener">Hecate Energy</a>, a developer of renewable projects and provider of energy storage solutions, closed a five-year $550 million credit facility package, including a $250 million term loan and $300 million Letter of Credit facility.</p>
<p>The credit facility will support Hecate’s plans to expand its solar and energy storage project pipeline.</p>
<p>The new facilities will be collateralized with the company’s approximately 35 GW development pipeline comprising over 125 projects across ten power markets in North America, along with its minority ownership interests in Hecate Grid.</p>
<p>Hecate Grid is a developer, owner, and operator of standalone storage projects in the U.S. The platform is jointly owned by Hecate Energy and InfraRed Capital, a $10-plus billion infrastructure fund.</p>
<p>The proceeds from the term loan helped refinance an existing loan facility at a lower cost to Hecate, and the letter of credit enables it to issue numerous grid interconnection and power purchase agreements that will support its target of achieving sales of over 5 GW annually.</p>
<p>CEO of Hecate Energy, Chris Bullinger, said, “Support from these leading international financial institutions validates Hecate’s approach to renewables development and will accelerate our drive to deploy significantly more efficient and cost-effective renewable energy and storage solutions across the United States.”</p>
<p>Fred Petit, Co-Head of Investec’s North American Power &amp; Infrastructure Coverage, said, “We worked with the company to identify a syndicate of lenders that could deliver on a well-structured transaction to support one of the largest pipelines of solar and energy storage assets in the U.S. This financing demonstrates Investec’s continued commitment to the energy transition sector, our strong distribution capabilities, and ability to meet our clients’ objectives.”</p>
<p>Over the last eight years, the company has executed over 36 power project transactions, totaling more than 6,500 MW of capacity.</p>
<p>In May 2021, Spanish energy company Repsol agreed to <a href="https://mercomindia.com/funding-and-ma-roundup-solar-cell-manufacturer-exeger/" target="_blank" rel="noopener">purchase</a> a 40% stake in Hecate energy. The acquisition was aimed at helping Repsol expand its presence in America’s renewable energy market.</p>
<p>In August 2021, Greenbacker Renewable Energy, through a wholly-owned subsidiary, <a href="https://mercomindia.com/project-finance-brief-opdenergy-spanish-portfolio/" target="_blank" rel="noopener">purchased</a> two utility-scale solar projects – Hecate Energy Albany 1 (20 MW) and Hecate Energy Albany 2 (20 MW) – totaling 40 MW from Hecate Energy.</p>


Hecate Energy Secures $550 Million to Support Renewables Expansion


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					</table><p>Renewable energy producer <a href="https://renewpower.in/" target="_blank" rel="noopener">ReNew Energy Global</a> announced that it had refinanced its 2024 maturity dollar-denominated bonds with amortizing project debt from an Indian non-banking financial company (NBFC).</p>
<p>By refinancing the dollar-denominated bonds ahead of time, ReNew said it had shown strong and continued access to domestic debt and an ability to proactively manage the risk of refinancing.</p>
<p>ReNew claimed it is the first Indian renewable energy company to raise money onshore to retire its dollar-denominated bonds.</p>
<p>ReNew issued bonds worth $525 million in 2019, which were set to mature in 2024. The refinancing has cut the bonds&#8217; Indian rupee interest cost by 200 basis points, with the interest rate fixed for three years while pushing the maturity to the end of the fiscal year 2027.</p>
<p>The rate reduction, rate fixing, and tenor extension have taken place against a rising interest rate environment in the broader markets. The company said this pre-emptive refinancing has mitigated near-term refinancing risk for bonds and provides liquidity to bond investors.</p>
<p>&#8220;As we help spearhead India&#8217;s energy transition, we have mitigated refinancing risk without depleting the company&#8217;s growth capital and will continue to look at multiple pools of capital to further abate refinancing risk,&#8221; said Kedar Upadhye, CFO, ReNew.</p>
<p>In January, ReNew announced that its wholly-owned subsidiary India Clean Energy Holdings, <a href="https://mercomindia.com/renew-power-raises-millions-green-bonds/" target="_blank" rel="noopener">raised</a> $400 million by issuing senior secured dollar notes. Climate Bonds Initiative certified the notes as green bonds. The bonds have a tenor of 5.25 years.</p>
<p>ReNew&#8217;s total portfolio across the utility-scale wind, solar and hydro projects recently surged over 25% to ~12.8 GW from 10.2 GW. In June this year, ReNew <a href="https://mercomindia.com/renew-power-acquire-wind-solar-projects/" target="_blank" rel="noopener">signed</a> definitive agreements to acquire over 500 MW of wind and solar projects.</p>
<p>ReNew, Adani Green, and Azure were the <a href="https://mercomindia.com/renew-adani-azure-top-utility-solar-developers-2021/" target="_blank" rel="noopener">top</a> three utility-scale solar developers in 2021.</p>
<p>ReNew also signed 2.5 GW of power purchase agreements that comprise 1.6 GW for new projects and 528 MW of acquisitions, thus bringing the gross portfolio to 12.8 GW.</p>
<p>The company also <a href="https://mercomindia.com/renew-power-increase-module-manufacturing/" target="_blank" rel="noopener">increased</a> its module manufacturing capacity to 6 GW anticipating opportunities to capitalize on higher return development projects as a module shortage is expected to emerge in India shortly.</p>


ReNew Energy Refinances its Dollar-Denominated Bonds from Indian NBFC

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