Canadian solar energy developer SkyPower Ltd, one of the world’s largest utility-scale solar project developer to sell a stake in its India portfolio is representative of the investment strategy adopted by foreign developers in India’s clean energy space. With financing at the lowest cost becoming key to success, given record low solar and wind power tariffs, the deal-making activity in the Indian clean energy space has gathered pace.
SkyPower has appointed “Yes Bank” for the task of finding a buyer for a stake in its solar power projects in India.
Toronto-based SkyPower has built, assembled and acquired a pipeline of over 25 gigawatts (GW) worldwide, of which 9GW is in the form of bilateral agreements to be built in West Asia, Africa and South-East Asia over the next five years. US-based real estate and infrastructure investment firm CIM Group owns majority stake in SkyPower.
SkyPower was awarded 350MW of solar projects in Telangana and Madhya Pradesh this year. The firm also announced in May about its agreement with Chinese battery technology firm BYD Co. Ltd to jointly bid for upcoming solar project and energy storage tenders in India.