January 15 (Renewables Now) - Power producer CLP India is in advanced talks to buy a 160-MW solar portfolio of compatriot Mahindra Susten Pvt, with the deal expected to be finalised by the end of February, the Financial Express reports.
Citing two sources familiar with the matter, the engineering, procurement and construction (EPC) business of Mahindra Group will get between INR 8.5 billion (USD 120m/EUR 107.8m) and INR 10 billion from the transaction.
CLP India’s rival in the competition for the solar portfolio was domestic conglomerate Piramal Group. While both companies submitted binding offers for the assets, Piramal withdrew over valuations, the report says. CLP India’s investment is part of its strategy to expand its renewables portfolio. The company, which is backed by Canadian pension fund Caisse de depot et placement du Quebec, has over 3 GW of power generation assets in its portfolio, including renewables.
Mahindra Susten says on its website it has over 1,650 MWp of power production capacity, given in Direct Current (DC), of which 1,317.5 MWp comes from projects under execution.
(INR 10 = USD 0.141/EUR 0.127)