INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY
ALTERRA invests $100 mn in clean energy platform Evren
ALTERRA, the world's largest private climate investment vehicle, has made its first investment in India by co-investing $100 million in Evren, an Indian renewable energy company, alongside Brookfield Asset Management. This investment will support the development of up to 11GW of solar, wind, and battery storage projects in Rajasthan and Andhra Pradesh, contributing to India's renewable energy goals.
Delhi HC bars Gensol, BluSmart from creating rights over leased EVs amid financial irregularities
The Delhi High Court has barred Gensol Engineering and BluSmart from creating third-party rights over 95 Tata EVs leased by Clime Finance, citing lease defaults and financial misconduct. A court-appointed receiver will oversee the vehicles. Clime alleges fund diversion and unpaid dues, prompting lease termination and judicial intervention.
Delhi HC appoints receiver to take charge of 95 EVs given to Gensol, BluSmart by Clime Finance
The Delhi High Court appointed a receiver for 95 electric vehicles. These vehicles were leased to Gensol and BluSmart by Clime Finance. The decision follows allegations of financial misconduct against Gensol's promoters. Anmol and Puneet Jaggi were detained under FEMA. SEBI had already barred them from stock markets. The brothers face charges of fund diversion and governance failures.
Adding 50 GW renewable energy yearly can end coal imports by 2029, save India $66 bn: Report
A new report by think tank Climate Risks Horizon indicates that India could eliminate thermal coal imports by 2029 with a consistent addition of 50 gigawatts of renewable energy annually. This shift could save the nation approximately USD 66 billion in foreign exchange between 2025 and 2029, potentially reaching USD 173 billion by 2034.
Biogas sector gets Rs 200 cr investment commitments at RenewX 2025: IBA
RenewX 2025, a renewable energy exhibition held in Chennai, witnessed investment commitments exceeding Rs 200 crore for the biogas sector. Organized by Informa Markets, the event facilitated collaborations across bioenergy, solar, and wind sectors. The Indian Biogas Association highlighted the event's role in fostering bioenergy solutions and partnerships, particularly in southern India.
IPO investors in CPSE stocks get bumper returns in 8 years; Mazagon Dock tops chart
As many as 15 out of 18 public sector companies listed over the last 8 years have given bumper returns with Mazagon Dock Shipbuilders topping the list by making investors richer by a whopping 3,700 per cent, according to an analysis.
IREDA says Gensol promoters diluted equity without lender approval, files EoW complaint
IREDA has accused Gensol Engineering's promoters of breaching their contract by diluting shareholding without lender approval and filed a complaint with the Economic Offences Wing. This action follows an internal review prompted by concerns over Gensol's loan account, which is currently under stress due to issues with EV purchases and lease payments to BluSmart.
Gensol promoters diluted equity without lender approval: IREDA
IREDA has accused Gensol Engineering's promoters of violating their agreement. The violation involves diluting shareholding without IREDA's consent. IREDA has lodged a complaint with the Economic Offences Wing. This action follows an internal review prompted by recent developments at Gensol. IREDA's committees are reviewing the matter. They will decide on actions regarding collaterals and recoveries.
Delhi HC bars Gensol Engineering and BluSmart Mobility from alienating EVs leased from Orix
The Delhi High Court has restrained Gensol Engineering and BluSmart Mobility from alienating 175 electric vehicles leased by Orix, a Japanese financial company, due to alleged breach of contract. This decision follows Orix's petition under the Arbitration and Conciliation Act, seeking protection against the sale or use of its vehicles as collateral.
ED searches premises linked to Gensol, quizzes Puneet Jaggi
The Enforcement Directorate (ED) has launched searches related to Gensol Engineering, questioning co-founder Puneet Singh Jaggi over alleged forex violations stemming from a SEBI order. SEBI had previously banned Gensol's promoters, Anmol and Puneet Jaggi, from capital markets for suspected fund diversion and document falsification.
PFC, IREDA initiate probe into Gensol Engineering's Rs 663 crore loan
Power Finance Corporation and IREDA have launched internal investigations into a ?663 crore loan to Gensol Engineering for EV purchases leased to BluSmart. The probes aim to identify missing EV delivery receipts, prompted by SEBI's order against Gensol's promoters for alleged fund diversion.
Eversource makes Rs 1,200 crore offer for BluSmart, but deal clouded by Gensol probe
Eversource’s offer may not result in a deal due to probes at BluSmart’s sister concern Gensol; Eversource may directly negotiate with lenders of Gensol to buy EVs leased to BluSmart. Eversource recently exited a large investment in Ayaana Renewable Power, selling it to a consortium of NTPC and ONGC for an enterprise value of $2.2 billion.
India allows extension for commissioning of certain solar power projects until December
India's renewable energy ambitions face hurdles as the Ministry of New & Renewable Energy extends the commissioning deadline for solar projects under the CPSU Scheme Phase-II to December 2025. The extension, granted to SECI and IREDA, addresses challenges like limited domestic module availability, transmission issues, and tender delays.
Gensol, BluSmart on corporate ministry radar for lapses after Sebi action for 'misutilisation' of funds
The corporate affairs ministry is considering investigating Gensol Engineering and BluSmart for potential corporate governance violations, following a Sebi ban on Gensol's promoters for alleged fund diversion. The ministry will assess public information and received data to determine if an inquiry or investigation is warranted, focusing on potential misuse of funds for personal expenses and related party transactions.
PFC, IREDA mull sale of Gensol EVs to secure loans
Power Finance Corp. and IREDA are considering auctioning Gensol's electric vehicles, acquired through loans, due to concerns over potential non-performing asset status. This action follows BluSmart's service halt, impacting lease payments and loan servicing. The lenders aim to secure Rs 663 crore amidst regulatory scrutiny and promoter issues, including fund diversion allegations.
PFC, IREDA mull legal measures against Gensol to safeguard their loan exposure
Power Finance Corp and IREDA are pursuing legal options to protect their ?977 crore loan exposure to Gensol Engineering after promoters faced a capital market ban for alleged fund diversion. Sebi's investigation revealed forged letters regarding loan repayments, prompting show-cause notices from the lenders.
Gensol Saga: bright beginnings, dark turns; Jaggi brothers face Sebi action
In a dramatic turn of events, regulator Sebi, through its interim order on Tuesday, barred the Jaggi brothers from accessing the securities markets until further notice. The action comes amid accusations of siphoning off loan funds from their publicly listed company Gensol Engineering for personal use, raising concerns over corporate governance and financial misconduct.
Promoters’ Piggybank: Sebi crackdown on Gensol sparks broader governance alarm
Sebi’s interim order against Gensol Engineering has spotlighted severe corporate governance lapses, fund diversion, and financial opacity. Experts warn this may reflect deeper systemic issues in India’s startup ecosystem, eroding investor confidence and causing lasting damage to valuations.
IREDA shares rally 7% after Q4 profit surges 49% YoY to Rs 502 crore
Indian Renewable Energy Development Agency (IREDA) reported a robust 49% YoY increase in consolidated net profit for Q4FY25, reaching Rs 502 crore, driven by a 37% surge in total revenue from operations to Rs 1,905 crore. The company's outstanding loan book grew by 28% YoY to Rs 76,282 crore.
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