UAE signals second $25bn India tranche, advancing $100bn investment ambition
At the 14th meeting of the India-UAE High Level Joint Task Force on Investments in Mumbai, Commerce Minister Piyush Goyal said the UAE has already invested about $25 billion in India and has indicated another $25 billion in the near term.
The long-term target is $100 billion. Sheikh Hamed bin Zayed Al Nahyan of the Abu Dhabi Investment Authority co-chaired the meeting. The UAE is currently India's seventh-largest source of FDI, and the pipeline extends well beyond energy into ports, shipbuilding, space and logistics.
The energy content is specific. Goyal said both sides are exploring the UAE as a larger source of LPG, LNG and gas, and are cooperating on strategic petroleum reserves and subsea gas pipelines.
This builds on the LPG supply agreement and the strategic reserves MoU that Prime Minister Narendra Modi signed during a brief UAE visit in May, when the Hormuz blockage peaked. Trade is the backdrop: bilateral trade has doubled to $100 billion since the CEPA was signed four years ago, with a target of $200 billion by 2032.
For India, the significance lies in the form the capital is taking. Gulf money is shifting from financial holdings to physical supply security: reserves, long-term gas and LPG contracts, and possibly pipelines that would reduce exposure to maritime chokepoints.
That is a different proposition from portfolio inflows, and it ties a major sovereign investor's returns to India's energy resilience. It also gives New Delhi a counterweight as it diversifies supply after a year of shipping disruption.
The announcement is an intent, not a commitment. Goyal himself said that studies are still underway. The test will be whether reserves and pipeline feasibility work translate into funded, bankable projects, and how much of the energy component consists of physical infrastructure versus supply contracts.
Actis commits $2bn to Leo Energies for 3 GW+ solar, wind and storage
Actis is reportedly planning to invest about $2 billion in Leo Energies, a new Indian renewables business. Bloomberg's figure is based on people familiar with the matter, and Actis declined to confirm the amount.
The platform targets more than 3 GW of solar, onshore wind and battery storage through acquisitions and greenfield projects won in PPA auctions. It has already signed agreements for about 650 MW of operating solar across five states, including assets from TrueRE Oriana Power, and for 50 MWh of battery storage.
The structure matters more than the headline sum. Leo follows a repeatable template: build a gigawatt-scale portfolio from a small base, then sell to a strategic buyer.
Actis sold Ostro Energy to ReNew Power for about $1.55 billion in 2018 and Sprng Energy to Shell for the same amount in 2022. It is now preparing an exit from BluPine Energy, its third platform. Each cycle has recycled foreign capital into Indian assets and transferred them to larger operators.
For India, the lesson is that international infrastructure capital continues to find the auction-driven, contracted IPP model attractive and is now building in storage and commercial and industrial supply from the start.
Actis itself cites auction-led growth, a maturing C&I segment, domestic financing depth and a ready pool of strategic buyers as reasons the model works here. The 500 GW non-fossil capacity target for 2030 depends on exactly this kind of capital, and a steady exit pipeline is what keeps the next platform fundable.
The risk to watch is competition. Another well-capitalised buyer pursuing operating solar assets puts pressure on acquisition valuations, which could squeeze returns for Indian developers selling later in the cycle and for the next strategic buyer.
Rezolv's €561 million ($635 million) loan takes EU's largest onshore solar project to construction
Rezolv Energy, backed by Actis and Mubadala, has signed a €561 million ($635 million) green loan to develop Dama Solar, a 1.3 GWp project in Arad County, western Romania.
The European Investment Bank anchored a 14-lender consortium that includes ten commercial banks, with an InvestEU guarantee backing its exposure. Once operational, expected in the second half of 2028, the plant should generate about 1,800 GWh a year, roughly 36% of Romania's total solar generation in 2025.
The financing structure is the real story. A public development bank takes the anchor role, and a guarantee reduces perceived risk. This enables a broad syndicate of commercial lenders to fund a project that would otherwise be hard to place.
The loan also carries a top sustainability rating from Moody's, which broadens the pool of green-mandated lenders. Rezolv is the largest winner in Romania's CfD auctions, with 971.2 MW of the 4.6 GW awarded. It plans to grow from about 2.3 GW to 4–5 GW by 2030.
India's relevance is twofold. First, the model offers a practical reference for financing very large renewable parks. India's gigawatt-scale projects have long faced questions about lender concentration and long-tenor funding, and multilateral anchoring, combined with credit enhancement and a rated green label, is one answer.
Second, the sponsors link this story to two others in this brief: Actis is simultaneously scaling Leo Energies in India, and Mubadala, an Abu Dhabi investor in the same platform, has a home government that is promising India a second $25 billion. Global infrastructure capital is being deployed through familiar structures across several markets at once, and India is competing for it.
