[ad_1]
Renewable energy platform of global private equity group Actis Llp, Sprng Energy, acquired Friday Friday 194 megawatts (MW) of solar badets of Shapoorji Pallonji group worth $ 200 million, announced two current of development.
Standard Chartered and Credit Suisse were the investment bankers for Actis and the Shapoorji Pallonji Group respectively.
"The payment in shares was approximately $ 70 million, with the payment made on Friday. Sprng Energy has acquired 194 MW of the 400 MW that have been put on the market, "said one of the two aforementioned people under the guise of anonymity.
The deal on badets put up for sale since 2017 marks the first acquisition of one of India's largest clean energy platforms. It also comes after Actis sold its first green energy company, Ostro Energy, to ReNew Power Ventures worth $ 1.5 billion last year. Following the acquisition, Sprng has a portfolio of 1.65 gigawatts (GW), of which 1.45 GW is under construction. Actis plans to bring Sprng Energy to 2GW.
On October 27, 2017, Mint reported on the Shapoorji Pallonji group's plan to sell its portfolio of solar projects.
Shapoorji Pallonji Solar Holdings Pvt. Ltd (SPSHPL), a wholly owned subsidiary of Shapoorji Pallonji & Co. Pvt. Ltd. (SPCPL), the group's holding company was established in 2011 to host the group's solar energy projects. Its portfolio currently includes seven operational projects totaling 272 MW and an additional capacity of 130 MW under development.
Actis, which invests only in emerging markets, has committed $ 2.1 billion in India and operates in the energy, financial services and real estate sectors. His projects under construction in growing markets represent $ 10 billion and his 116,500 employees in companies he controls.
"A year ago, we decided to divest part of our operational portfolio to redeploy capital for the development of new solar projects," said Mukundan Srinivasan, General Manager and CEO of SP Infra, in a statement.
"The acquisition of this portfolio reflects Actis' commitment to build 2GW + renewable energy projects in India. With this acquisition, the total operating and construction capacity of Sprng Energy, our 100% owned renewable energy platform, will increase to 1,650 MW and we continue to look for opportunities to further develop this portfolio, both through mergers and acquisitions as well as through new deals "Energy Asia at Actis, said in the statement.
Credit Suisse declined to comment.
Ostro Energy Pvt. Ltd and Solenergi are part of Actis' global energy platforms, after Globeleq Mesoamerica in Central America, Zuma Energia in Mexico, Aela Energia in Chile and Atlantic Renovaveis in Brazil.
The acquisition is part of Actis' plan to create a new company in India that will house its operating renewable energy badets in the country, attracted by the country's growing green economy.
Despite competitively priced space, space is attracting interest, as evidenced by EverSource Capital, the joint venture between private equity firm Everstone Capital and global solar developer Lightsource BP, which plans to invest more than one billion dollars in renewable energy its green growth equity fund.
India has an installed renewable energy capacity of 74.79 GW, of which 25.21 GW and 35.14 GW of wind power.
This article was first published on livemint.com
[ad_2]
Source link
