RATTANINDIA SELLS SOLAR ASSETS TO GIP FOR ₹1,670 CRORE
Sells entire solar project fleet of 306 Mw to Us-based private equity firm
Rattanindia Group sold off its entire solar power project fleet totalling 306 MW to Global Infrastructure Partners (GIP), one of the largest private equity firm in the renewable energy and infrastructure sector. The deal value is ~1,670 crore, Rattanindia said in a public statement. With this deal, Rattanindia now has only two power plants in its basket – Amaravati thermal power plant (1,350 MW) for which it concluded debt restructuring in December 2019 and Nashik thermal power plant (1,350 MW) which is a stressed asset.
Rattanindia group sold its entire solar power project fleet of 306 Mw to Us-based Global Infrastructure Partners (GIP), one of the largest private equity firm in the renewable energy and infra sector, for ~1,670 crore.
Rattanindia now has only two power plants in its basket — Amaravati thermal power plant (1,350 Mw) for which it concluded debt restructuring in December 2019, and Nashik thermal power plant (1,350 Mw), which is a stressed asset.
The group’s solar assets included ground-mounted projects of 297 Mw, including 50 Mw at Pavagada in Karnataka and 70
Mw at Bhadla in Rajasthan — which are India’s largest solar power parks.
The projects have 25 years of power-purchase agreements, of which 95 per cent have PPAS with NTPC and Solar Energy Corporation of India, said the group. Average tariff of Rattanindia solar projects is ~4.50 per kilowatt hour.
“This transaction demonstrates Rattanindia group’s continued track record of developing high-quality infrastructure assets in energy space and creating value for all stakeholders. This makes Rattanindia a partner of choice for high-quality international investors like GE and GIP,” said Anjali Rattan Nashier, chairperson, Rattanindia Solar.