Greenko in Advance Stages of Buying Essel Infra’s Solar Biz

When contacted, an Essel spokesperson told sources, “As an infrastructure conglomerate, we keep on evaluating various opportunities. However, we would not like to comment on market speculation.” Greenko also declined to comment on the deal.

Essel Green Energy

A part of Subhash Chandra-led Essel group, Essel Infraprojects is in advance stage of selling 685 MW solar business to Greenko group.

The potential size of the deal could be at around $ 1 bn. Apart from Greenko, global private equity fund Actis and Tata Power were also in the race to buy the assets of Essel. However, their deals did not go through.

When contacted, an Essel spokesperson told sources, “As an infrastructure conglomerate, we keep on evaluating various opportunities. However, we would not like to comment on market speculation.” Greenko also declined to comment on the deal.

Essel has a total portfolio of 23 projects, under various stages of development, with nearly 310 MW of operational solar power facilities, which it had bid for under the National Solar Mission and state government auctions, and another 375 MW capacity under construction.

Greenko, backed by Singapore’s GIC and Abu Dhabi Investment Authority (ADIA), has recently bought wind and solar energy producer Orange Renewables for an enterprise value of about USD 1 billion.

GIC and ADIA have recently invested USD 450 million more in Greenko Energy Holdings, which has over 3,200 MW of operating capacity. In 2016, Greenko acquired SunEdison’s Indian assets at an enterprise value of USD 392 million.

"Want to be featured here or have news to share? Write to info[at]saurenergy.com
      SUBSCRIBE NEWS LETTER
Scroll