Global Infrastructure Partners (GIP) is reportedly gearing up to acquire solar portfolio of RattanIndia Power Ltd for an enterprise value of about $300 million (Rs 2,000 crore).
ET citing sources reports GIP has already done the due diligence of RattanIndia’s solar assets and currently the documentation work is on.
The deal is expected to be closed in a month.
RattanIndia has over 300 MW of project portfolio which include both ground mounted and rooftop solar projects. According to the reports 154 MW of ground mounted solar plants are under development, 116 MW capacity is already operational.
Last year GIP entered the India renewable energy market acquiring IDFC Alternatives’ infrastructure asset management business. The infrastructure portfolio of IDFC Alternatives consists of two funds – the India Infrastructure Fund I and Fund II.
The publication notes that NY-based GIP is also looking to buy Engie India’s 810 MW renewable energy portfolio. Others players that are keen to acquire Engie’s assets are PE funds Actis and Edelweiss Infrastructure Yield Plus.
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