Ripples Advisory, Tata Power, Actis in fray to buy Essel’s solar power plants
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Apart from Tata Power and Actis LLP, Greenko Group and Hero Future Energies are eyeing acquisition of Essel Infraprojects’s solar power plants
Tata Power Ltd and Actis LLP are in separate talks to buy the solar power business of Subhash Chandra’s Essel Infraprojects Ltd, two people aware of the development said.
The interest from the Indian power producer and the UK-based private equity fund makes it a four-horse race for Essel’s solar power assets which are spread across Uttar Pradesh, Odisha and Karnataka. Greenko Group and Hero Future Energies Pvt. Ltd are already vying for these assets.
Discussions are focused on the final valuation and both Tata Power and Actis have made non-binding offers, said the first person. “Both are conducting due diligence which is expected to completed in next few weeks,” the second person said.
A number of large assets have changed hands as power tariffs fell to record lows due to intense competition, backed by low financing costs and falling module prices.
In 2017, India’s solar power tariffs declined to Rs2.44 per kWh from Rs10.95-12.76 per kWh in 2010-11.
Mint reported in February that the Shapoorji Pallonji (SP) group has put its entire solar portfolio of more 400MW on the block in a transaction potentially valued at Rs1,200 crore and had appointed Credit Suisse as adviser for the transaction.
Mint reported in April that ReNew Power Ventures the largest green energy company in India, will file draft share sale documents with the markets regulator for a $900 million initial public offering.
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