As reported earlier Subhash Chandra’s Essel Infraprojects’ solar business deal may rank amongst the largest clean energy deals in India’s renewable energy space.
Greenko Group and Hero Future Energies Pvt. Ltd are separately looking to acquire these projects. They have been looking to rapidly expand their capacities as a wave of consolidation is sweeping through India’s clean energy industry, even as low-cost financing has become the key to success after solar and wind power tariffs plunged to record lows.
Essel Infraprojects Ltd mandating Investec to find a buyer for its solar business. Essel Infraprojects has a presence across green energy, transportation, electricity transmission and distribution, and urban infrastructure. It has 685 megawatts (MW) of solar capacity, of which 165MW is operational. An additional 520MW of solar projects are under construction at various stages in Uttar Pradesh, Odisha and Karnataka.
Hero Future Energies has an operational asset base of 1,200MW across wind, solar grid-connected and rooftop plants. Greenko Group currently has over 3.2GW of operating capacity, with plans to reach 5GW by 2019. It has been looking at inorganic growth to ramp up its portfolio and acquired SunEdison’s Indian assets in 2016.
Hyderabad-based Greenko Group is in talks with Essel Infraprojects to acquire its power transmission business for an estimated $1 billion.
However queries emailed to a Greenko Group spokesperson and Hero Future remained unanswered.