Edelweiss Fund Will Buy 74 Per Cent In Engie’s Solar Business In India

0
122
Advertisement
  • Edelweiss Infrastructure Yield Plus and Sekura Energy Ltd will have a stake in 13 solar assets of Engie
  • Engie said that this deal will allow the company to reduce its debt by more than €400 million

French energy company Engie will sell 74 per cent stake in its solar business in India to Edelweiss Infrastructure Yield Plus (EIYP). It is an alternative investment fund of Edelweiss Group.

EIYP and Sekura Energy Ltd, a portfolio company of EIYP will have a stake in 13 solar assets of Engie which came to a capacity of 813 MW. Engie did not reveal the size of the deal. It added that the deal will allow Engie to reduce its debt by more than €400 million.

Deal completion in the first half of 2020

The company also said that the transaction is expected to be completed “subject to the usual conditions associated with this type of operation”. It added that it will likely be completed in the first half of 2020. Engie owned 100 per cent of its assets before entering this partnership in India. It has around 700 MW of wind assets in India. Its assets are located in Tamil Nadu, Gujarat, Punjab and Rajasthan among others.

Advertisement

SHARE YOUR THOUGHTS & COMMENTS

Please enter your comment!
Please enter your name here

Are you human? *