AMPLUS EYEING RENEW’S SOLAR ROOFTOP BIZ

NEW DELHI: Amplus Energy Solutions Pvt. Ltd is in talks to acquire Goldman Sachs-backed Renew Power’s rooftop solar portfolio of 140 megawatts (MW), said two people familiar with the matter on condition of anonymity.

The proposed deal by Amplus, owned by Malaysia’s state-run oil and gas firm, Petroliam Nasional Bhd, could rank among the largest so far in India’s solar rooftop space, underscoring growing consolidation in the commercial and industrial (C&I) segment.

“We keep on exploring consolidation opportunities in the C&I space,” said Sanjeev Aggarwal, founder and managing director of Amplus. He declined to comment on the deal with Renew Power. “We believe that we can provide best value to the customers, given our long-term strategic focus on operational excellence” Aggarwal said.

Considering the regulatory risks over green energy contracts and their enforcement in Gujarat, Andhra Pradesh and Punjab, investors are increasingly looking at C&I space as it is generally insulated from risks such as power procurement curtailment and tariffshopping by state-owned distribution companies (discoms).

The talks with Amplus come against the backdrop of Renew Power announcing a merger with Nasdaq-listed special purpose acquisition firm RMG Acquisition Corp. II on Wednesday, at an enterprise value of about $8 billion.