Greenko's USD-315m deal for SunEdison India expected this mo - report

Hyderabad-based Greenko Energy Holding will buy SunEdison’s (OTCMKTS:SUNEQ) solar and wind assets in India in a USD-315-million (EUR 280.8m) deal, with a formal announcement expected this month.

The Economic Times said this morning that the amount includes an equity value of USD 30 million and roughly USD 280 million of debt.

An in-principle agreement has been reached and the announcement is coming soon, an informed executive was cited as saying. The US bankruptcy courts and SunEdison creditors need to approve the transaction.

According to the report, the buyer, a unit of Greenko Group Plc (LON:GKO), will acquire 390 MW of solar and 48 MW of wind parks that are operational. It will also take 800 MW of projects in the pipeline at no additional cost.

Greenko is backed by Singapore-based GIC and the Abu Dhabi Investment Authority.

Last week it was announced that US utility NRG Energy Inc (NYSE:NRG) won the auction to buy certain North American utility-scale projects from SunEdison. Onyx Renewable Partners LP, meanwhile, has agreed to acquire from the bankrupt company commercial and industrial (C&I) assets in four US states.

(USD 1 = EUR 0.892)

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