Among the newly-identified developments:
India continues to be the largest financier: Indian company NTPC closed around US$7.7 billion in India and Bangladesh; Indian Railway Finance Corporation Ltd closed another US$944 million after last year’s US$2 billion.
In Botswana, financing for the Mmamabula Energy Project (Stage I, Units 1-4) reached financial close at US$1.29 billion, comprising US$1.07 billion in loans from a syndicate of Indian lenders – Axis Bank, ICICI Bank, IDFC FIRST Bank, RBL Bank, YES Bank, IndusInd Bank, and the Export-Import Bank of India – alongside $215 million in equity from project sponsor Jindal Steel & Power.
In Brazil, $720 million in financing was presumed stopped at the Pedras Altas power station after Brazil's environmental agency IBAMA rejected the plant's safety and emergency plans in November 2025. In Vietnam, $86.4 million in financing for the Duc Giang - Lao Cai Chemical power station was marked as stopped based on four years of inactivity, with no project updates or evidence of continued development.
In Zimbabwe, $52 million in financing for an earlier repowering project at the Harare power station was marked as stopped after Zimbabwe's power utility outlined separate, yet unfunded plans to repurpose the ageing plant using new technology that has not been specified.
In Kazakhstan, Russia's withdrawal from financing several combined-heat-and-power projects prompted a shift to domestic and alternative financing. At Semey-3 and Ust-Kamenogorsk-2, a Kazakh-Singaporean EPC consortium was signed on 30 January 2026, with construction now financed through Samruk-Kazyna bond issuances. In 2024-2026, $820 million in financing closed for coal projects across the country, including $180 million for Ust-Kamenogorsk Unit 13 from the Eurasian Development Bank and Eurasian Bank in 2026.
In the United States, the Department of Energy committed $18.5 million toward scoping and design work for the TerraSpark WV Energy Campus, a proposed 1,600 MW coal plant with integrated carbon capture in West Virginia, with project sponsor TerraSpark needing to secure the remaining $21.5 million of the $40 million study budget elsewhere before receiving the DOE funds. TerraSpark was founded in 2025 by three partners without prior energy industry experience, although DOE said it selected the company through a competitive merit review process over other applicants, including established energy firms. Importantly, this financing covers only early-stage design work – no construction financing, equity investor, or final EPC contract has yet been identified.
General information on the tracker:
The tracker covers financial transactions from 2010 to the present, and only includes funding specifically earmarked for coal-fired power projects. It does not include general corporate financing - such as loans given to companies operating in the coal-fired power sector - and excludes funding for Chinese coal-fired power stations due to the unavailability of public information.
The latest update to GEM's Global Coal Project Finance Tracker (GCPFT) is now available covering data through June 2026.
