Adani Green Energy Confirms Interest In SunEdison India Assets

SunEdison India may be close to selling its assets, as one of the leading independent power producers in the country confirmed its interest in buying projects off of the troubled project developer.

Adani Green Energy, part of the Adani Group, is looking to buy renewable energy projects owned by SunEdison India. Jayant Parimal, CEO-Adani Green Energy, recently told reporters that his company is indeed looking to buy assets from SunEdison.

Soon after the US-based developer was engrossed in financial troubles and filed for bankruptcy protection, several Indian companies were reported to have expressed interest in acquiring SunEdison India’s projects.

SunEdison India already operates 700 MW of renewable energy capacity, mostly in the form of solar power projects, with an additional 1.7 GW under development. The company sold 425 MW of solar projects in India to its yieldco TerraForm Global for $231 million last year.

The company also owns wind energy projects, some of which it acquired last year from Fersa Energías Renovables.

Around 1,000 MW of solar capacity is being developed or secured by SunEdison in competitive auctions. The 1,000 MW of capacity in development also includes the 500 MW project SunEdison won in the Andhra Pradesh auction. The project is among the cheapest projects in India, in terms of tariff. Media outlets had earlier reported that the company is looking to sell up to 49% equity stake in the project.

Apart from Adani Green Energy, Tata Power Renewable Energy is also believed to have expressed interest in acquiring SunEdison’s assets.