India’s Emami Group has Sold its Solar Business: Report

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  • Emami’s solar business was bought by Canada-based investment giant Brookfield Asset Management
  • Emami has set up solar projects in various Indian states

India-based Emami Group has sold its solar business to Canada-based Brookfield Asset Management in an not closed deal. Moneycontrol reported that the former had confirmed the selling of its solar business.

Harsha V Agarwal, director, Emami Group, was quoted by Moneycontrol saying that the move is part of Emami Group’s divestment plan. It is to be noted here that Emami Power is linked to Emami Group through a promoter group.

Brookfield looking to build a renewable power portfolio in India

Brookfield Asset Management is looking to build a renewable power portfolio in India. Interestingly, the solar power projects, that come as a part of deal to the asset management company are all functional. Yes Securities was the financial advisor to the Emami Group for the transaction. Khaitan & Co. a law firm, was the legal advisor for Emami Group. Emami power has commissioned four projects so far.

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The 10 MWp photo voltaic grid connected Solar Power Plant is in operation since 2012 at Charanka Solar Park, Gujarat. A 11 MWp photovoltaic grid connected Solar Power Plant is in operation since March 2016 in Tumkur district of Karnataka. Similarly, a 3.3 MWp photovoltaic grid connected Solar Power Plant is in operation since March 2016 in Ramnathpuram district of Tamil Nadu and a 22.5 MWp photovoltaic grid connected Solar Power Plant is in operation since March 2017 in Haridwar district of Uttarakhand.

The government of India, by 2022, has targeted to achieve 175 GW capacity of renewable energy. Out of this, 100 GW capacity, has been aimed to be fulfilled by using the solar energy. Nearly half of the proposed investment for solar project is cornered by the five states that include Andhra Pradesh, Karnataka, Maharashtra, Rajasthan and Telangana.

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