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Actis abandons plan to acquire Essel Infra’s solar portfolio in India - report

Author: Takver. License: Creative Commons, Attribution-ShareAlike 2.0 Generic.

February 18 (Renewables Now) - Private equity firm Actis LLP has lost interest in buying the 685-MW Indian solar portfolio of Essel Infraprojects Ltd, but the debt-laden company may have found another suitor, Mint reports.

Two people aware of the development have told the newspaper that Actis had abandoned its earlier plan to execute a deal with an estimated value of INR 47 billion (USD 658m/EUR 582m) for Essel Infra’s installed and under-construction projects.

One of those people has also said that Essel Infra is now holding talks to sell these assets to ACME Solar Holdings Ltd, which, however, also hopes to acquire a 25-year concession agreement for a water desalination plant. That person has mentioned that Essel seeks to close the sale by the end of the fiscal year to not miss a payment deadline.

The CEO of ACME Solar, Nikhil Dhingra, though has rejected the information when contacted by the paper, saying that it is focused on organic growth.

(INR 1.0 = USD 0.140/EUR 0.124)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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