List Of Potential Buyers Of Orange Renewable Grows As Consolidation Continues In India

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Hyderabad-based Greenko Group and Hero Future Energies Pvt. Ltd are in separate negotiations with Singapore’s based AT Capital Group to buy Orange Renewable’s portfolio of 758 megawatts of renewable energy projects.

Orange Renewable is a fully owned subsidiary of AT Holdings Pte. Ltd headquartered in New Delhi. The company currently has an operating renewable energy capacity of 758 megawatts. This is comprised of a wind energy capacity of 567 megawatts and solar projects of 191 megawatts. The projects are spread across various states of the country.

There appears to be considerable interest among buyers for acquiring the Orange Renewables portfolio, however, final deal is yet to be made. The company was earlier in discussion with ReNew Power as well, however, discussions did not reach fruition, after which both Greenko Group and Hero Future Energies showed interest in Orange’s portfolio.

Greenko Energy Holdings, backed by Singapore’s GIC and Abu Dhabi Investment Authority, is planning a $750 million equity investment for buying power transmission and distribution assets for diversification. The firm is in talks to acquire several electricity transmission, distribution, and hydropower projects. Recently, the company was in talks with Gati Infrastructure Pvt. Ltd (GIPL) to acquire the 110 megawatt Chuzachen hydro-electric project in east Sikkim.

Greenko acquired assets of SunEdison India after the latter’s US-based parent announced bankruptcy. The SunEdison portfolio included some of the most competitively priced and largest solar power projects in the country.

Hero Future Energies, part of Hero Group, has aggressive expansion plans to set up 2700 megawatts of renewable energy capacity by 2020. In January of this year, the company received a $125 million equity investment from the International Finance Corporation (IFC), the private sector investment arm of the World Bank Group.

Several Indian companies, as well as foreign companies with Indian assets in the renewable energy sector, are now looking to sell off their assets. This could be attributed to the sharp increase in competition, and decline in tariff bids, in a very short period of time. Project developers with the backing of international financiers or those part of large industrial conglomerates are the ones showing signs of survival and expansion.

Photo Credit: Screengrab from Orange Renewable website

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An avid follower of latest developments in the Indian renewable energy sector.

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