Orient Green denies wind sale to IDFC

Dec 11, 2013 - Indian firm Orient Green Power Co Ltd (BOM:533263) today rebuffed speculations that Indian infrastructure investor IDFC Alternatives was to take a controlling stake in certain Orient Green wind farm assets.

The Times of India early today cited banking sources as saying that the subsidiary of IDFC Ltd (BOM:532659) was discussing a “large stake buy” in Orient’s wind farms. The report says the deal could reach INR 3 billion (USD 49m/EUR 36m) in value. The paper also quoted Orient Green executive vice chairman T Shivaraman as saying that the company was engaged in discussions with several people, though he added that he could not comment on the nature of the talks.

“[..] the news item is speculative in nature and does not have any basis and the company is not looking to divest its controlling stake in any subsidiary to any entity,” Orient Green said in a statement.

IDFC, former Infrastructure Development Finance Co, owns Indian renewable energy producer Green Infra Ltd that has 387 MW of capacity in six Indian states, with over 90% coming from wind. This summer it also acquired TVS Energy, a renewables unit of Indian TVS Motor Co (BOM:532343).

(INR 100 = USD 1.630/EUR 1.185)

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