Greenko Holdings To Acquire Solar Assets From SunEdison India
The deal is done for SunEdison’s exit from India in what will be the largest solar transaction in the country’s history.
According to media reports, Greenko Energy Holdings is set to buyout SunEdison India’s 1.4 GW of solar assets. The subsidiary of the troubled US-based project developer has 500 MW of operational assets and 900 MW of assets under development. The acquisition will also include 425 MW of solar assets that SunEdison India sold to Terraform Global last year.
Greenko Energy Holdings will reportedly pay around Rs 670 crore (US$100 million) cash to SunEdison and will also issue fresh bank guarantees worth Rs 200-250 crore (US$30-37.5 million) for the outstanding debt for these projects. Neither SunEdison India nor Greenko Energy Holdings have, however, confirmed the transaction.
The sale of SunEdison assets in India attracted interest from a number of project developers. Renewable energy project developers backed by some of the leading Indian industrial conglomerates were said to be have been in the race to acquire SunEdison India’s assets; these include Adani Green Energy and Tata Power Renewable Energy.
Greenko Energy Holdings is backed by the sovereign funds of Singapore and Abu Dhabi and currently owns around 1 GW of renewable energy capacity, mostly wind energy-based. The company was also reportedly looking to acquire solar assets from Welspun Renewables Energy. Welspun Group — whose core business is textiles — sold off 1.1 GW of its solar capacity to Tata Power Renewable Energy in a deal worth $1.45 billion.
With the exit of SunEdison from the Indian solar power market, one of largest planned capacity additions by a single company stands voided. The company had pledged to add 10 GW of solar and 5.2 GW of wind energy capacity in India over the next 5-7 years.
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