June 18 (Renewables Now) - Indian company Essel Infraprojects Ltd has agreed to offload 310 MW of operational solar assets from its 658-MW portfolio to domestic conglomerate Adani Group, Mint reports.
The newspaper quoted two sources close to the development as saying that the value of the deal will range between INR 18 billion (USD 257.8m/EUR 229.6m) and INR 20 billion. One of them has said the transaction will enable debt-ridden Essel to repay the debt on the assets and the rest will be return on equity.
Essel’s total 685-MW portfolio consists of the particular 310 MW of operational assets and 375 MW of under-construction projects, awarded in national and state auctions. According to one of the unnamed sources, the already installed assets are attractive as they have power purchase agreements (PPAs) with tariffs as high as INR 8 per kWh, which were secured before solar tariffs in India experienced a sharp drop.
The Indian firm has been trying to sell the portfolio several times over the past year. Among the interested parties were private equity firm Actis LLP, Greenko Group, ReNew Power and Acme Solar Holdings.
(INR 10 = USD 0.143/EUR 0.128)