Author: PPD Team Date: 28/03/2025
India’s transition to clean energy and sustainable financing gained momentum today with three significant developments across the solar, electric vehicle (EV), and renewable power sectors. Luminous Power Technologies partnered with the State Bank of India (SBI) to enhance solar financing access, Shriram Finance Limited secured a $150 million loan from the Asian Development Bank (ADB) to expand EV financing, and Oil and Natural Gas Corporation Limited (ONGC) committed Rs 33 billion to acquire Ayana Renewable Power through its subsidiary.
Luminous and SBI partner to boost solar financing
Luminous Power Technologies has signed a Memorandum of Understanding (MoU) with SBI to improve solar financing accessibility in India. As a recommended partner on SBI’s solar loan portal, Luminous will help businesses and institutions secure loans of up to Rs 100 million for solar energy adoption. The partnership covers multiple financing subcategories, including solar solution finance and supply chain finance.
Customers will benefit from reduced loan processing fees, competitive interest rates based on credit profiles, and a maximum tenure of ten years. Financing will be available through SBI’s network of over 22,000 branches and a fully digital application process via Luminous’ platform, which also offers project management services.
Shriram Finance secures $150 million for EV lending
Shriram Finance Limited has obtained a $150 million loan from ADB as part of a $306 million financing package to support EV and low-emission commercial vehicle financing in India. Additional funding includes $150 million from the Japan International Cooperation Agency and $5.83 million from the Export-Import Bank of India.
The financing aligns with the Indian government’s EV30@30 initiative, targeting 30 per cent EV penetration in new vehicle sales by 2030. It will also support Shriram Finance’s green lending expansion. In December 2024, the company launched Shriram Green Finance to expand its portfolio beyond EVs, aiming to manage Rs 50 billion in assets within the next four years by financing charging stations, renewable energy projects, and energy-efficient solutions.
ONGC commits Rs 33 billion for Ayana Renewable Power acquisition
ONGC has allocated Rs 33 billion to its subsidiary, ONGC Green Limited (OGL), to facilitate the acquisition of Ayana Renewable Power Private Limited. The investment will be utilized by ONGC NTPC Green Private Limited, a joint venture between OGL and NTPC Green Energy Limited, to acquire a 100 per cent stake in Ayana Renewable Power.