April 2 (Renewables Now) - Malaysia’s Yinson Holdings Bhd (KLSE:YINSON) has agreed to buy a 37.5% stake in the owner of a 140-MW portfolio of solar parks in India.
Under multiple agreements, Yinson has purchased the minority shareholding in India-based Rising Sun Energy Pvt Ltd for INR 554 million (USD 7.3m/EUR 6.6m), the Malaysian firm said earlier this week. It will also provide some INR 600 million to repay certain outstanding debt of Rising Sun Energy.
The specific portfolio includes two photovoltaic (PV) parks located within the Bhadla solar complex in Rajasthan. They were brought online in 2017 and operate under 25-year power purchase agreements (PPAs) with domestic utility NTPC Ltd (BOM:532555). The offtake deals are valid until 2042.
The deal, carried out through Yinson Renewables Pte Ltd, marks the Malaysian company’s entry into the renewables sector, its CEO Lim Chern Yuan said. Yinson Holdings set up its renewables subsidiary in 2019.
(INR 10 = USD 0.131/EUR 0.120)