US Based First Solar In Talks To Sell 45MW Of Solar Assets In India

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  • This is the second solar asset sale planned by First Solar in India
  • First Solar has started engaging with prospective buyers for sale of its solar assets of 45MW
  • The sale could fetch an enterprise valuation of around 300 crore

American solar panel maker First Solar is exploring a potential sale of around 45 megawatts (MW) of its solar power assets in India, two people aware of the development said to Mint.

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First Solar is a leading global provider of photovoltaic (PV) solar systems and has supplied solar panels worth over 20 gigawatts (GW), according to the company’s website. The company reported a revenue of $2.2 billion in 2018.

One of the people cited above told Mint that First Solar has started engaging with prospective buyers for sale of its solar assets of 45MW. These assets are located in the state of Karnataka.

He further mentioned that First Solar hasn’t appointed a banker to manage the process and are doing it on their own. They are reaching out to both financial and strategic investors. The second-person aware of the talks added that the sale could fetch an enterprise valuation of around 300 crore.

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The second innings
This is the second solar asset sale planned by First Solar in India.

In 2017, it sold 190MW of solar power assets to IDFC Alternatives. The asset sale comprised seven projects located in the states of Andhra Pradesh and Telangana.

As part of its strategy, First Solar has developed and sold solar assets in other markets as well.

Last year, it announced the sale of a 100MW solar project in California to an affiliate of D.E. Shaw Renewable Investments. In 2017, EDF Renewable Energy acquired assets worth 179MW from First Solar.

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