Connect with us

Hi, what are you looking for?

CleanTechnica

Clean Power

Canadian Brookfield Eyes Stake In Indian Solar EPC Company

Canada-based Brookfield Asset Management is looking to expand its footprint in India’s renewable energy sector.  According to media reports, Brookfield is looking to acquire a ‘significant stake’ in Mahindra Susten, a solar power project developer and EPC contractor. The enterprise value of this deal is potentially worth Rs 70 billion ($925 million) with an equity valuation of around Rs 17 billion ($225 million). 

“Brookfield is looking to buy a significant stake in Mahindra Susten at the holding company level. This includes EPC, utilities and C&I (commercial and industrial) business,” an unnamed source reportedly told Mint.

Mahindra Susten is part of the Mahindra conglomerate, and has 1.5 gigawatts of solar power assets and also offers EPC services to large solar power developers as well as commercial and industrial consumers. 

The potential sale of stake is part of Mahindra Group’s attempts to ‘unlock value’ from its constituent companies. The stake sale in Mahindra Susten attracted some marquee investors and developers before Brookfield took a lead. Interested companies included Torrent Power, (a vertically integrated utility), European asset manager EQT, O2 Power (project developer backed by Temasek), and another project developer, Amplus Energy. 

In response to these media reports, the spokesperson of Mahindra Susten stated that while the company is looking for partners it is not planning to give up a majority stake. 

Brookfield has been actively looking to acquire an interest in Indian renewable energy projects. Last year, it signed an agreement with Acme Solar Holdings to jointly develop a 450 megawatt solar power project. Brookfield had also acquired 300 megawatts of solar power projects in India from TerraForm Global, SunEdison’s yieldco. The solar project where Brookfield is investing includes a 25-year power purchase agreement (PPA) with Maharashtra State Electricity Distribution Company. The Maharashtra discom has two PPAs with Acme Solar — a 250 MW project at Rs 2.72/unit and a 300 MW project for Rs 2.74/unit — and it was not immediately clear which project is part of the Brookfield deal.

 
Check out our brand new E-Bike Guide. If you're curious about electric bikes, this is the best place to start your e-mobility journey!
 
 
Appreciate CleanTechnica’s originality and cleantech news coverage? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.
 
Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.

Advertisement
 
Written By

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

Comments

You May Also Like

Clean Transport

Technology advances are breaking all kinds of patterns. One notable improvement is more that women are to be found in automotive workplaces in India,...

Clean Power

Welcome to another issue of our India x Cleantech series! On a monthly basis, we are pulling news from across clean technology sectors in...

Aviation

As VinFast,  a Vietnamese EV company, announced its plan to open more than 50 stores across France, Germany, and Netherland at EVS35, the Audi...

Clean Power

Government-owned Hindustan Salts has invited bids for the development of 1 gigawatt of solar power capacity.  Hindustan Salts has floated a tender inviting developers...

Copyright © 2021 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.