KKR & Actis negotiate deal to buy solar assets with Azure. According to the anonymous sources KKR and Actis negotiate and have went further with Azure Power Global. However, the deal is to acquire 400 megawatts solar energy projects in Rajasthan and Assam. The deal is likely to set between $200- $250 million.
KKR and Actis are private equity firms which have actively invested in country’s renewable sector. Earlier this April KKR struck the deal with Shapoorji Pallonji Group. Which was of Rs. 1,154 crore, acquiring 317 MW of solar assets.
According to Economic Times, Actis in earlier February had agreed to acquire 600 mw of solar projects from Acme Solar. Acme Solar is delhi- based renewable energy company.
Azure Power was set up by Indrepreet Wadhwa in 2008. It has worked on 7.1 gigawatts of solar power projects across the country. This includes 200 mw rooftop projects in 24 states of India. But Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ). Which is the largest share holder, holding 50.9% stakes. Azure Power is India’s first renewable energy company to be listed in US stock market.
To streamline our asset base. Furthermore, we have reached out to some investment bankers for options”. A spokesperson of Azure Power said to the sources. “We are still exploring our options and no decision has been taken as yet”. However, KKR and Actis have refused to put a comment.
The sources said that other parties . As Brookfield, Edelweiss, Ayana Renewable Power. And O2 Power have shown interest. However the negotiation went further with KKR and Actis.
There are many others parties in a rowirow. Which are interested in renewable sector of India.
