Actis buying Atha's 400-MW solar platform in India - report
Delta supplies two 1MW DelCEN1000 central inverters to a 2MW floating solar power project in Visakhapatnam, India
August 9 (Renewables Now) - Private equity firm Actis has sealed a deal to buy the 400-MW solar portfolio of Indian miner Atha Group for an enterprise value of INR 21 billion (USD 263.9m/EUR 258.6m), Mint reports.
Unnamed sources have said that Actis has won the bid to acquire the specific assets in a competitive process, in which its rivals were Torrent Power, Ayana Renewable Power and Sembcorp Industries, among others. The sale process was managed by Avendus Capital.
According to the knowledgeable sources, Actis will add the solar assets to its green energy platform Blupine Energy Pvt Ltd, which develops utility-scale wind and solar projects, thus expanding the latter's portfolio to 500 MW. Specific details about the schemes were not available.
Kotak Investment Banking has acted as Actis’ advisor in the transaction, which is seen to be completed in about two months.
Atha's websites shows that its 400-MW solar platform consists of nine power plants across the states of Karnataka, Maharashtra, Rajasthan, Madhya Pradesh, Telangana and Tamil Nadu. With individual capacities ranging between 10 MW and 100 MW, the systems were commissioned in the 20015-2019 period.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.