Page 10 - AsiaElec Week 03 2022
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AsiaElec RENEWABLES AsiaElec
JSW Group to raise $296mn to
build 450-MW wind farm
INDIA’S JSW Group is planning to raise 70 structured quarterly instalments, starting
INDIA INR22bn ($296mn) through bank loans to fund after 12 months from the completion or com-
a 450-MW wind farm Tamil Nadu state. missioning date, whichever is earlier. The inter-
JSW Renew Energy Two (JRETL), a subsid- est rate on the term loan is floating, exposing the
iary of JSW Future Energy, setting up power cash flows to interest rate risk.
plants at Tuticorin and Dharapuram in the state. The rating agency said the project carries
JSW Future Energy is owned by JSW Energy. moderate-to-low equity risk. The total equity
The project is scheduled to be finished by March requirement is pegged at INR7.3bn. As of
31, 2023. December 20, 2021, the sponsor had injected
India Ratings has assigned “A-” to proposed the requisite equity portion of INR1.5bn. In line
bank loans. The rating is anchored by the pres- with the proposed term sheet, the sponsor will
ence of a fixed-tariff power sale contract with a need to bring in an additional INR823mn before
reasonably strong counterparty Solar Energy the first debt disbursement. The rest equity por-
Corporation of India (SECI), a 100% govern- tion will be infused in proportion to the pro-
ment of India-owned entity. posed implementation schedule of the project.
The proposed term loan is repayable in over
Iran and China’s top diplomats
meet to launch 25-year
cooperation agreement
CHINA IRAN and China on January 14 launched their in areas including energy, infrastructure, agri-
25-year economic and political cooperation culture, health care and culture, as well as cyber
agreement, while Beijing at the same time reaf- security.
firmed its opposition to unilateral sanctions Iranian President Ebrahim Raisi will this
imposed by the US against Iran. week visit Moscow for a meeting with Russian
The deal is widely regarded as a roadmap that leader Vladimir Putin.
could allow for many billions of dollars of trade Both Moscow and Beijing back the ongoing
and investment if it is fully utilised. It also brings efforts at the Vienna talks to relaunch the nuclear
Iran into China’s Belt and Road Initiative, Bei- deal signed by Iran and six major powers—the
jing’s multi-trillion-dollar infrastructure scheme US, Germany, France, the UK, China and Rus-
intended to stretch from East Asia to Europe, the sia—in 2015 to curb Tehran’s nuclear devel-
Middle East and Africa. opment programme in return for the lifting of
Chinese Foreign Minister Wang Yi met Ira- sanctions imposed on Iran.
nian counterpart Hossein Amir-Abdollahian in China has kept up substantial purchases of
the Chinese city of Wuxi, in Jiangu province, to Iranian oil in recent years despite the threat of
launch the cooperation deal, signed in March US sanctions directed at buyers of crude from
last year. the Islamic Republic. The trade is conducted on
The Chinese foreign ministry said the agree- the grey market.
ment would deepen Sino-Iranian cooperation
P10 www. NEWSBASE .com Week 03 19•January•2022
