LNJ Bhilwara Group appoints Yes Bank for sale of wind projects

In an indication of growing consolidation in the Indian wind energy sector, Ravi Jhunjhunwala’s LNJ Bhilwara Group has put up its wind energy portfolio for sale and hired Yes Bank Ltd to run the process.

According to the 2015-16 annual report of Bhilwara Energy Ltd (BEL), the holding company for the group’s power businesses, the company has a wind power project portfolio of 103.5 MW.

“LNJ Bhilwara Group plans to sell its entire wind project portfolio and has appointed Yes Bank for running the process,” a person aware of the development said, requesting anonymity.

Queries emailed to Ravi Jhunjhunwala, chairman of BEL; Riju Jhunjhunwala, managing director, BEL; and an external spokesperson for the LNJ Bhilwara Group on Friday remained unanswered till the time of going to press.

In response to a specific query about the transaction, a Yes Bank spokesperson declined to comment in an emailed response.

In India, the biggest greenhouse gas emitter after the US and China, renewable energy currently accounts for 15%, or 45,917 megawatt (MW), of the total installed capacity of 310,005MW. Of this, wind energy projects alone account for 28,083MW, ranking India fourth, behind China, the US and Germany.