Essel Group In Talks To Sell Solar Assets

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  • Essel Infraprojects is in talks with Adani Green Energy, to sell part of its 300 megawatt of operational solar energy portfolio for around Rs 3,000 crore
  • Essel Group had entered into an agreement with Actis to sell the entire solar energy portfolio of 685 MW of installed and under-construction projects for around Rs 4,700 crore

The Essel Group is in talks to sell its solar energy portfolio as part of ongoing efforts at the Subhash Chandra-led conglomerate to raise money to reduce debt. 

Essel Infraprojects, people in the know said to Economic Times that it is in an advanced stage of talks with the Adani Group’s renewable energy company, Adani Green Energy, to sell part of its 300 megawatt of operational solar energy portfolio for around Rs 3,000 crore. 

Not a new act
This is not the first time the group is trying to sell the solar assets. The Essel Group, which had put its infrastructure business on the block early last year, had entered into an agreement with private equity investor Actis to sell the entire solar energy portfolio of 685 MW of installed and under-construction projects for around Rs 4,700 crore. The deal, however, got scrapped earlier this year. 

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After the deal with Actis fell through, the company decided to offer the solar portfolio in piecemeal. Talks with the Adani Group is for part of the operational portfolio of over 300 MW, one of the people said to the News Daily.

The stake sale process of the group’s infra assets is in an advanced stage, the spokesperson added. 

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