Hinduja acquires Indian solar developer Kiran Energy - report

Rooftop solar system in India. Author: Coshipi. License: Creative Commons, Attribution-ShareAlike 2.0 Generic

May 14 (Renewables Now) - A member of the Hinduja Group in India has bought local firm Kiran Energy Solar Power Pvt Ltd for about INR 10 billion (USD 148m/EUR 124m), the Press Trust of India (PTI) reports.

Hinduja National Power Corp has acquired the Mumbai-based solar systems developer and operator from the three private equity funds that control Kiran Energy with a combined stake of close to 80%, sources told the PTI. The vendors are: Argonaut Ventures, New Silk Route and Bessemer Venture Partners India.

The remaining 20% are held by Kiran Energy’s founders Ardeshir Contractor and Alan Rosling, as well as a few others, according to the PTI report.

Kiran Energy, which develops grid-connected photovoltaic (PV) arrays, has a current portfolio of around 85 MW. It also builds solar clusters in the states of Gujarat, Maharashtra, Karnataka, Tamil Nadu and Rajasthan. Their capacities range from 50 MW to 100 MW, PTI added.

(INR 10 = USD 0.148/EUR 0.124)

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