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)