Greenko To Acquire SunEdison’s India Assets For $315 Million

Media reports seem to confirm what has been doing the rounds in the Indian renewable energy sector for several weeks now, that Greenko Energy Holdings will acquire SunEdison’s India assets.

Unnamed sources have confirmed to an Indian business daily that Greenko will acquire 390 MW of operational solar and 48 MW of operational wind energy assets for $315 million from SunEdison India. Additionally, Greenko will also get control of the 800 MW solar power capacity currently in the under-construction or planning phase at no additional cost. The acquisition will also include 425 MW of solar assets that SunEdison India sold to Terraform Global last year.

According to the Economic Times, the transaction includes around 10% equity and 90% debt. Greenko Energy will also invest $50 to $60 million as equity in the under-construction projects and also raise additional debt funding.

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, whose core business is textiles, but which 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.