May 18 (Renewables Now) - A number of investors, including KKR & Co Inc (NYSE:KKR), are holding early discussions for the potential acquisition of a 400-MW solar project portfolio in India from Azure Power Global Ltd (NYSE:AZRE), The Economic Times (ET) reports.
The newspaper quoted multiple people aware of the development as saying that KKR, Actis, Edelweiss Infrastructure and Ayana Renewable Power are negotiating the purchase of solar assets in Rajasthan and Assam. The deal size is estimated at between INR 16 billion (USD 211m/EUR 195m) and INR 17 billion.
A spokesperson for Azure told the ET that the company had approached some investment bankers to discuss options regarding certain non-core assets. It has not yet made a final decision about what it would do, the representative has said.
Azure Power is controlled by Canada’s Caisse de depot et placement du Quebec (CDPQ) and is backed by the International Finance Corporation (IFC), Helion Venture Partners, Germany’s DEG and France’s Proparco. The company’s portfolio exceeds 7.1 GW, including 1.8 GW of operational solar power plants, 1.3 GW under construction, 2 GW in development and a further 2 GW in the pipeline, the report says.
(INR 10 = USD 0.132/EUR 0.122)