Torrent Power seen as frontrunner to buy GIP's Vector Green - report
Photo by Uttar Pradesh New and Renewable Energy Development Agency (www.upneda.org.in.).
Indian power producer Torrent Power is leading the race to buy Vector Green Energy from Global Infrastructure Partners (GIP) for INR 50 billion (USD 627m/EUR 610m), the Economic Times (ET) reports, citing several people aware of the development.
According to the sources, Torrent Power has outbid rivals such as JSW Energy, Apraava Energy, previously known as CLP India, and Singapore's Sembcorp.
The targeted business operates a 700-MW clean energy platform in India, including 19 ground-mounted and 89 rooftop solar installations. In addition, Vector Green has 90 MW of solar projects under implementation in Gujarat, the ET says.
In May, business daily Mint quoted two sources as saying that GIP had appointed Standard Chartered to conduct the sale of Vector Green.