India now has 34.6GW of solar power and wants to produce 100GW from solar projects by March 2022.
The Cantor Fitzgerald sale process is underway, Acme Solar recently sold to the Actis Long Life Infrastructure Fund and Petrolam National Sheep has an Mplus.
New Delhi (Natural Energy News): What may rank among the largest green energy deals in India, Acme Solar Holdings Ltd. Is looking to sell 4.84 GW (GW) of solar projects, three people told about the development.
The sale of this asset from India's largest pure-play solar platform is being run by Cantor FitzGerald (Hong Kong) Capital Markets Limited and is in the backdrop of resuming deal activity in India's green energy space, Is home to the world's largest clean energy program.
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An Acme Solar spokesperson said in an email response, "The information below is not correct," adding, "Our core strength is developing and building high-quality solar assets and we will continue to do so. Any of our intentions Is not our property under construction
The agent said, "As a part of our capital raising technique, we will either churn out functional properties or put up capital at the grade level. We would advise you not to publish anything else as this would be purely speculative. "
The query emailed to Cantor Fitzgerald on 17 September remained unanswered.
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According to the sales process documents, "Cantor Fitzgerald has been mandated to advise on the sale of a 4.84 GWp portfolio of solar assets operating and under construction in India" and "Project Wiley".
The document states that the portfolio has 4.84 GWp of solar assets spread over 12 states, a 3.55 / kWh weighted average tariff with a 25-year PPA.
Acme Solar Holdings Ltd made this sale of the code-named "Project Wiley" after finding out about the proposed Infrastructure Investment Trust (InvIT) and an initial public offering (IPO) plan. Acme Solar recently sold two solar projects totaling 400MW to Actis Long. Life Infrastructure Fund (ALIF) and Petroleum National Bhd have Mplus with 100 MW.
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"At 2.21 GWp of functional capacity, and 2.63 GWp in additional building capability, the marketing division illustrates one of the largest solar positions across India, and for a friendly to become an important player in the market The opportunity provides "through a single acquisition," the sales process document said.
The group, founded in 2003 by Manoj Kumar Upadhyay, is looking at new businesses such as energy storage, green hydrogen and ammonia.
Storage has become the next aspirant in India's green economy, given its ambitious clean energy targets and the intermittent nature of electricity from clean energy sources. In such a situation, large grid-scale battery storage can help maintain spinning reserves to support round-the-clock demand for electricity.
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Greenco Energy Holdings plans to invest approximately $ 1 billion in a new battery storage business that also includes power grid-scale applications and production of lithium-ion batteries in the country for electric vehicles.
"Acme Solar is probably the last in India to own a large green energy platform entirely owned by the promoter," said one person requesting anonymity.
Sales documents state that the portfolio is expected to generate EBOLDA of ~ folio 1,600 Cr at a margin of 93% in FY2015, representing a 21% YoY increase in EBITDA.
EBITDA is revenue before interest, tax, depreciation and amortization.
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“The first phase of the process will be launched on 21 September, with non-binding offers made by 19 October. A binding offer is expected by mid-December this year, ”said another person above who did not want to be named.
The proposed deal is in a state of churn in India's clean energy sector, with power procurement distribution and fee-buying by state-run power distribution companies (discoms). Banks are also deprived of lending to developers as they doubt the viability of projects that have agreed to sell electricity at rock-bottom tariffs. Apart from broadcasting and connectivity challenges, there are also issues regarding delay in payment by discoms.
However, foreign investors have been attracted by India's green economy. The latest case in point is the $ 980 million largest foreign clean energy investment announcement in India by Japan's Orix Corp to buy a 17% stake in Greenco Energy Holdings.
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Green energy projects are now one-fifth of India's installed power generation capacity. India aims to have 175 GW of clean energy capacity by 2022, including 100GW from solar projects. The country has 34.6GW of solar power.
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