Mahindra Susten Is Expected To Take A Call On Suitors Shortly

In Clean News, News, Renewable Energy

Mahindra Susten, the renewable business arm of Mahindra group, has got binding offers from CLP India and the Piramal Group for its 160 megawatts (MW) solar assets.

The firm’s services include turnkey hybrid solar power plants, utility-scale solar and rooftop solar products, operations and maintenance of solar projects, solar car charging stations, telecom tower solarization, analytics, engineering solutions, energy management and industrial build solutions.

The company has commissioned over 967MW till date, and has over 668MW of projects under execution.

We had earlier reported that CLP India and the Piramal Group had shown interest in buying Susten’s solar portfolio. The transaction could fetch over ₹1,000 crore.

CLP’s India portfolio includes renewable and conventional energy amounting to over 3,000MW. CLP India’s 16 wind energy and three solar energy projects span seven states.

The company also owns a coal-fired power plant in Haryana and a gas-based power plant in Gujarat.

The Piramal Group had tied up with Canada’s largest pension fund, Canada Pension Plan Investment Board (CPPIB), in May to co-sponsor India’s first renewable energy-focused infrastructure investment trust.

The proposed InvIT will have an initial targeted corpus of $600 million with an option to scale up.

If sources are to be believed, both parties have completed due diligence of the assets and submitted binding offers for Susten’s solar portfolio. The sale is part of the company’s plans to sell completed projects and recycle the capital to develop its project pipeline.

Mahindra Susten is expected to take a call on the two offers over the next few weeks.

Reference- livemint, Economic Times

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