Shapoorji Pallonji group has put its entire solar portfolio on the market

Credit Suisse, a swiss financial services firm, is appointed as an advisor for the deal, and the total value of the transaction is estimated at around $180 million.

February 8, 2018 Ajinkya Waradpande

Shapoorji Pallonji puts their solar portfolio on market. Credit suisse to handle transactions

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Shapoorji Pallonji, a well-known construction business group, has put its entire solar portfolio on the block, reports the Livemint.

Credit Suisse Group, a Zürich-headquartered Swiss multinational financial services holding company, has been appointed as advisor, and the total value of the transaction is calculated at around INR 12 billion ($180 million).

The solar power projects comes under Shapoorji Pallonji Solar Holdings Pvt Ltd (SPSHPL), which is a wholly owned subsidiary of the Shapoorji Pallonji Corporation Ltd (SPCL), which was founded in 2011. To date, the current portfolio consists of operating projects aggregating to a capacity of 272 MW, and an additional 130 MW is under development.

The projects are well spread across the states of Tamil Nadu, Maharashtra, Telangana, and Maharashtra, with eight special purpose vehicles (SPV) to handle the solar projects.

The SPCL is in discussion with several investors and the value of the transaction will depend on many factors, including level of investment. Earlier, the company had decided to sell some of the stake from the portfolio.

However, now it is going forward with entire solar portfolio sale, with falling module prices and tariffs cited as one of the reasons for the company selling its solar assets.

Earlier in 2017, IDFC alternatives had purchased 190 MW of installed solar assets from First Solar. Moreover, there had been a deal between Actis and ReNew power in 2017.

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