Ontario-based Canadian Solar is looking to sell its India solar power assets to Sydney -based infrastructure asset management group Macquarie Group Ltd.
Macquarie may have to shell out ₹1,000 crore for these assets at a valuation of ₹6-6.5 crore for each MW.
Canadian Solar is a global energy provider with subsidiaries in 20 countries. It is a leading manufacturer of solar photovoltaic modules. It also operates as an engineering, procurement and construction player, besides being a solar park developer.
In India, Canadian Solar has a portfolio of 160 megawatts (MW), and has installed over 1 gigawatts (GW) of modules, including a 25 MW solar farm in Bikaner, Rajasthan, and a 35 MW project in Bagalkot, Karnataka.
Canadian Solar also has a joint venture with domestic wind power firm Suzlon Energy Ltd to execute solar projects in Telangana.
This is a bad time for the solar sector. There is no cheap money in this market anymore,” he added, “The high valuations we saw for renewable assets at 8-9 times Ebitda (Ebitda stands for earnings before interest, tax, depreciation and amortization) earlier in the year are now past. The sentiment in the market is quite poor.