Actis close to buying Essel Infra’s Indian solar assets - report

Solar panels in India. Author: Kiran Jonnalagadda. License: Creative Commons

November 29 (Renewables Now) - 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.

(INR 10 = USD 0.143/EUR 0.126)

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