Debt-laden Essel Infraprojects has reportedly agreed to sell about 310 MW of solar energy assets to the Adani Group for Rs1,800-2,000 crore. The company has a total solar energy portfolio of 685 MW, with 310 MW currently operational and the remaining 375 MW under construction.
“Essel Infra has reached an agreement with the Adani Group to sell its operational portfolio at Rs5-6 crore per megawatt. This will help Essel pay back the debt on these assets, while the remaining will be returned on equity for the company,” daily newspaper Livemint quoted a person aware of the development while sharing the details.
Earlier, UK-based private equity investor Actis had called off plans to buy Essel Infra’s 685 MW solar assets for around Rs4,700 crore. Other than Actis, Tata Power, Greenko and Hero Future Energies were also said to be in talks with Essel Infra to purchase its solar power plants.
In 2016, Essel Infra had begged $132 million (Rs900 crore at the time) from Piramal Enterprises and its Dutch partner, APG Asset Management.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.