The Indian subsidiary of the troubled renewable energy developer SunEdison has received investment offers from other Indian companies.
Pashupathy Gopalan, President of SunEdison Asia Pacific, recently told media outlets that SunEdison India has received ‘lots of interest’ from possible investors in India. Companies are looking to acquire a stake in the company as well as in projects already operational, and possibly those under construction.
These offers come only months after SunEdison India secured the rights to develop the largest solar power project won by a single entity in a competitive auction. The project, with a planned capacity of 500 MW, is supposed to be commissioned in the southern state of Andhra Pradesh. SunEdison India had secured the project at one of the lowest tariffs in the country – Rs 4.63/kWh (US¢7.00/kWh).
Questions were being raised about the future of this, and other SunEdison projects, after the parent company in the United States filed for bankruptcy protection. According to media reports, the company was looking to sell up to 49% stake in the 500 MW project.
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 power projects in India to its yieldco TerraForm Global for $231 million last year.
The company was also reported to be in talks with at least 2 Indian companies – Tata Power and Adani Enterprises – to sell a stake in the projects. Both the companies are looking to undertake a significant shift towards renewable energy and also enjoy substantial financial leverage to acquire a stake in SunEdison India’s projects or in the company itself.
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