GIP In Talks To Buy RattanIndia Solar Power Assests

RattanIndia has a projects portfolio of more than 300 MW, and these include both ground-mounted solar projects and rooftop solar panels.

Leading infrastructure investor Global Infrastructure Partners (GIP) is in advanced negotiations to buy the solar portfolio of RattanIndia Power Ltd (formerly India Bulls Power) for an enterprise value of about $300 million (Rs 2,000 crore), multiple people aware of the development told Economic Times.

Due diligence of solar assets by GIP is over and currently, the documentation work is on. The deal is expected to be closed in a month, informed one of the above-mentioned people to the English Daily.

Success at a glance
RattanIndia has a project portfolio of more than 300 MW, and these include both ground-mounted solar projects and rooftop solar panels. While 154 MW of ground-mounted solar plants are under development, 116 MW capacity is already operational. 

GIP made its entry into India last year by acquiring the infrastructure asset management business of multi-asset manager IDFC Alternatives Ltd. The infrastructure portfolio of IDFC Alternatives consists of two funds – the India Infrastructure Fund I and Fund II.

These funds invested about $1.4 billion across power, roads and renewable energy sectors. Besides RattanIndia assets, the NY-based GIP is also seeking to acquire the 810 MW renewable energy portfolio of French major Engie in India. Others in race for Engie assets are PE funds Actis and Edelweiss Infrastructure Yield Plus. 

Power Finance Corp (PFC) filed an insolvency plea against RattanIndia in the National Company Law Tribunal (NCLT) to recover unpaid loans. RattanIndia’s two integrated thermal power plants at Nashik and Amravati in Maharashtra have defaulted to the tune of Rs 20,000 crore.