Sale of FRV's Indian solar asset lags, other options sought - report

Fotowatio Renewable Ventures (FRV) photovoltaic (PV) plant in India

August 29 (Renewables Now) - Spain-based Fotowatio Renewable Ventures (FRV) will likely look for a new buyer of its 135-MW solar project in India after delays in the negotiations with suitor Hero Future Energies Pvt Ltd, newspaper Mint reports.

Quoting one source familiar with the matter, the newspaper writes that FRV is facing challenges related to the deal’s structure. Meanwhile, the company is gauging the interest of other investors to buy the asset and is exploring the feasibility of various structuring options, other people in the know have said.

The 135-MW photovoltaic (PV) project is FRV’s only asset in India and is located within the Ananthapuramu solar park in Andhra Pradesh. The Spanish firm, which is owned by Abdul Latif Jameel Energy and Environmental Services, won the project in an auction by Solar Energy Corporation of India (SECI) with a bid of INR 4.43 (USD 0.062/EUR 0.056) per kWh.

According to the report, the sale of the project could bring INR 1 billion to FRV. The talks with Hero Future Energies were reported in January.

(INR 10 = USD 0.139/EUR 0.125)

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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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