US-Based GIP In Talks To Buy Engie’s Indian Solar Power Business

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  • French firm Engie Solar has a 1,100-megawatt solar portfolio in India of which 740MW is operational
  • Rothschild and Co. has been mandated to find a buyer for the assets

American investor Global Infrastructure Partners (GIP) is in talks to buy the Indian solar power business of French energy firm Engie SA in a deal potentially worth around $500 million, a person aware of the development said to Mint.

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GIP is interested in Engie Solar, which has a 1,100 megawatt (MW) solar portfolio in India, the person said on the condition of anonymity. Of this, 740MW is operational. Rothschild and Co. has been mandated to find a buyer for the assets.

Mint further reported that last week, sovereign wealth funds GIC Holdings Pte Ltd and Abu Dhabi Investment Authority agreed to invest $495 million in Greenko Energy Holdings, in one of the largest funding rounds by an Indian clean energy producer.

GIP’s India presence
GIP has been present in the Indian clean energy space and led a group of investors to acquire Equis Energy for $5 billion in October 2017. The sale included liabilities of $1.3 billion and the Indian portfolio of the Singapore-based renewable energy developer, comprising green energy platforms Energon and Energon Soleq.

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GIP has also set up an office in India, its first in an emerging economy. It also acquired the infrastructure investment business of IDFC Alternatives Ltd and plans to raise an India-focused fund, besides investing in buyout opportunities.

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