Solar power firm FRV in talks with funds to sell India project

Madrid-based developer of large-scale solar power plants, Fotowatio Renewable Ventures (FRV), is in talks to sell its 100-MW power project in India in a deal worth Rs 500-600 crore, as per Economic Times. 

FRV is talking with various investors such as Macquarie Infrastructure and Real Assets (MIRA), green infra JV between PE fund Everstone Group & UK-based Lightsource BP’s Eversource Capital and Edelweiss Infrastructure Yield Plus Fund, said one of the persons cited above. 

FRV was awarded a 100 MW power purchase agreement (PPA) by Solar Energy Corporation of India (SECI) under the National Solar Mission programme in 2016. The project, which is FRV’s first in India, is in Ananthapuramu Solar Park in Andhra Pradesh. 

FRV, which was acquired by the Saudi Arabia-headquartered Abdul Latif Jameel Group in April 2015, has sold out several businesses worldwide. Its US business had been sold off earlier to SunEdison. In June last year, FRV sold its 100 MW solar plant in Australia to a consortium of Lighthouse Infrastructure and DIF, while a 65 MW solar plant in Uruguay was sold in March. Mails sent to spokespersons at FRV, Eversource, Edelweiss and Macquarie did not elicit any responses till press time.