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GIP, Edelweiss vying for Engie's India solar portfolio - report

The 101-MWp Mirzapur solar power plant in Uttar Pradesh. Source: Engie

September 20 (Renewables Now) - French utility Engie SA (EPA:ENGI) has received firm offers from Global Infrastructure Partners (GIP) and Edelweiss Infrastructure Yield Plus Fund to sell its Indian solar assets for around USD 400 million (EUR 361.7m), the Economic Times reports.

Citing two sources familiar with the development, the newspaper writes that Engie is expected to take a decision in the next couple of weeks. According to one of them, the French firm is looking to exit the Indian market.

Engie currently has 810 MW of solar and 280 MW of wind power generating capacity installed in India. This summer, it said its renewables portfolio in India had expanded to over 1,500 MW after tender awards for a 200-MW wind and a 280-MWp solar photovoltaic (PV) project in Gujarat.

The two unnamed sources have said that GIP India’s proposal includes cash, along with stock in its own clean energy subsidiary Vector Green Energy. Edelweiss Infra, meanwhile, is competing through energy-focused platform Sekura Energy Ltd.

Actis LLP, which was previously interested in the solar assets, has recently withdrawn from the race, managed by Rothschild & Co, the newspaper writes.

(USD 1.0 = EUR 0.904)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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