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Nepal, India, and Bangladesh sign deal for 40 MW electricity trade
Nepal, India, and Bangladesh have signed a landmark trilateral agreement to trade 40 MW of electricity, marking the first time Nepal will sell power to a third country. The deal, signed in Kathmandu, allows Nepal to export electricity to Bangladesh via India, as Nepal and Bangladesh are not geographically connected. Under the agreement, Bangladesh will import 40 MW of electricity from Nepal during the five months from mid-June to mid-November each year, with a total…
Romania, Hungary, Georgia and Azerbaijan launch Black Sea power line
Romania, Hungary, Georgia, and Azerbaijan have officially launched the Black Sea power line project aimed at enhancing the European Union’s renewable energy capacity. The project, developed in response to the EU’s need for energy diversification following Russia’s invasion of Ukraine, is expected to strengthen the region’s energy security. The initiative involves constructing an undersea cable that will connect wind farms in Azerbaijan’s Caspian Sea to Romania and Hungary via Georgia, supplying renewable energy to the…
RESCO receives board approval to raise Rs 3.5 million in equity capital
Resco Global Wind Services Private Limited (RESCO), a wholly-owned subsidiary of Inox Wind Limited, has received board approval to raise up to Rs 3.5 million in equity capital. The funds will be raised by issuing equity shares on a preferential basis through private placement to non-promoter investors. This move is subject to shareholder approval and adherence to applicable laws and regulations.
Nexans to sell AmerCable to Mattr for $280 million
Nexans has agreed to sell AmerCable, its Arkansas-based subsidiary specializing in power, control, and instrumentation cables for harsh environments, to Mattr for an enterprise value of $280 million. Known for its durable cables widely used in mining and oil and gas industries, AmerCable has been a key player in the power cable sector since 1922 and employs over 300 people. This sale aligns with Nexans’ strategy to focus on electrification, positioning itself as a ‘Pure…
National Electricity Plan – 2032 finalized, outlay pegged at over Rs 9 trillion
Union power minister Manohar Lal announced the finalization of the National Electricity Plan (NEP) for the period 2023 to 2032 at a press conference in New Delhi on September 23, 2024. The NEP aims to develop central and state transmission systems to meet the projected peak power demand of 458 GW by 2032, with a total project outlay of Rs 9 trillion. Key highlights of NEP 2032 include the expansion of the transmission network from…
Jupiter Power secures $225 million credit facility to boost 12,000 MW energy storage pipeline
Jupiter Power has closed a $225 million corporate credit facility to expand its energy storage portfolio across the United States. The facility includes up to $175 million in letters of credit and $50 million in revolving loans. Coordinated by Barclays Bank PLC, HSBC Bank USA, and Sumitomo Mitsui Banking Corporation, this financing will support Jupiter Power’s 12,000 MW development pipeline. Kirkland & Ellis acted as counsel for Jupiter Power, while Latham & Watkins represented the…