Actis close to buying Essel Infra’s Indian solar assets - report
Solar panels in India. Author: Kiran Jonnalagadda. License: Creative Commons
Private equity firm Actis LLP has reached an agreement to acquire the solar power portfolio of Indian company Essel Infraprojects Ltd, which includes 685 MW of installed capacity and under-construction projects, Mint reports.
The newspaper quoted two sources as saying that Actis has agreed to pay between INR 55 billion (USD 788m/EUR 692m) and INR 60 billion for the solar assets. One of them has told Mint that a formal deal will be announced by the end of December.
The assets that are being sold have power purchase agreements (PPAs) with tariffs as high as INR 8 per kWh, while the average amounts to INR 5.50/kWh, according to one of the people.