Actis Llp In Talks To Buy Engie’s India Solar Power Business

- Advertisement -

Engie Solar, which has an 810 megawatt (MW) solar portfolio in India, has hired Rothschild and Co. to find a buyer for the assets.

Private equity (PE) fund Actis Llp is in talks to buy the Indian solar power business of French energy firm Engie SA, in what may rank among the largest deals in the local renewable energy space.

- Advertisement -

Engie Solar, which has an 810 megawatt (MW) solar portfolio in India, has hired Rothschild and Co. to find a buyer for the assets.

The next big move
Actis’s move follows the acquisition of Shapoorji Pallonji group’s 194MW solar asset portfolio for $200 million, through its renewable energy platform Sprng Energy on 29 March. Actis’s active interest in renewable energy in India comes after it sold its first green energy firm, Ostro Energy, to ReNew Power Ventures at an enterprise value of $1.5 billion last year. The PE firm has a stated strategy of growing its green energy portfolio through acquisitions and bids for new projects.

Following the purchase of Shapoorji Pallonji group’s solar assets, Sprng has a 1.65 gigawatt (GW) portfolio, of which 1.45GW is under various stages of construction. Actis plans to grow Sprng Energy to 2GW capacity.

With €60.6 billion in annual revenue, Engie is the world’s largest electricity generator outside government control, with an installed capacity of 115.3GW. Of this, 22 per cent is from renewable energy sources. Engie plans to set up 2GW capacity in India by 2019. It also has a wind power portfolio of 280MW.

Engie’s move comes at a time when financing at the lowest cost has become the key to success, given the record low tariffs. Besides, India has introduced a safeguard duty for two years on solar cells and modules imported from China and Malaysia that has further underlined the need for competitive financing.

- Advertisement -

Most Popular Articles

Infineon, Stellantis Partner To Advance Next-Gen Vehicle Power

0
With a dedicated Joint Power Lab and secured supply agreements, the partnership is set to drive transformative advancements in EV performance, cost-effectiveness, and the...

Audi Launches New EV Brand In China, Drops 4-Ring Logo

0
On Thursday, Audi introduced a new electric vehicle brand in China, branding the cars solely with the name 'AUDI' instead of its traditional four-ring...
IIT Bhubaneswar

IIT Bhubaneswar Partners MOSart Labs To Boost Engineering Skills In Chip Industry

0
The aim is to help students with essential skills in areas such as very-large-scale integration (VLSI), semiconductor technology, analog and digital design, validation, and...
Jaguar concept EV

JLR Highlights Its Biggest Reinvention With The Concept Car Jaguar Design Vision

0
The four-door GT is anticipated to be Jaguar's most powerful model to date. Its targeted range is approximately 430 miles (700 kilometers), and its...

ISE Labs Expands With New OSAT Facility In Mexico

0
Turbocharging its growth in North America’s tech hub, ISE Labs is set to build an OSAT semiconductor facility in Jalisco, Mexico, eyeing to create...

“Adoption Of IoT-Enabled SMT Machines Is Still In Early Phases” – Pradeep Tandon, Director...

0
While electronics are becoming smarter through the Internet of Things, is electronics manufacturing following suit? Pradeep Tandon, Director for India, Middle East, and SAARC...
Dr Yashodhan P. Gokhale, Vice President for Battery Technology, JSW Energy

Charge Forward: High-Voltage Batteries And MSMEs Can Fuel India’s EV Revolution

0
A nuanced explanation of low- and high-voltage EV batteries by Dr Gokhale, Vice President for Battery Technology at JSW Energy, illuminates their advancements and...
Sanjay Gupta, CDO & Global Head of Engineering, L&T Semiconductor Technologies

Can MSMEs Contribute And Profit From The Semicon Boom?

0
Semiconductor manufacturing often requires significant investment, typically feasible only for governments or large corporations. But are there opportunities for MSMEs as well? We spoke...
N.P. Ramesh, COO and Co-Founder, Orb Energy

“We Ensured Customers’ Monthly EMI Would Be Equal To Or Less Than Their Electricity...

0
In a conversation with Nitisha from EFY, N.P. Ramesh of Orb Energy outlines the early financing challenges customers faced. He explains how Orb Energy’s...

“Government Policy Should Equitably Address All Electric Vehicles: Extend Subsidies To Retrofits Or Remove...

0
Aryaman Raghuvanshi from EFY engages with Pramod Narendra, Head of Brand Management and Retail Network at Starya Mobility, to explore the overlooked potential of...

Wireless Light-Based Communication With Velmenni’s Technology

0
Velmenni is at the forefront of wireless communication innovation with its pioneering light-based technologies, Li-Fi and LC Link. Founded by Deepak Solanki in October 2014...

Harnessing AI Technology For Efficient Pest Management

0
AI-Genix, an agri-tech startup, is transforming pest management for farmers through advanced AI-enabled systems that precisely target harmful pests. In an industry where pesticides and...

One Charger To Charge All Your Devices

0
Now, there is no need to carry different chargers for different products. This Bhubaneswar startup has launched a universal 65W charger using GaN technology...

Karnataka Government Initiative Promises ₹5M To Tech Startups

0
Boosting innovation and entrepreneurship across the state’s vibrant ecosystem, Karnataka launched Elevate 2024 and KAN, offering grants up to ₹5 million for startups. On Tuesday,...

CastNX Tech Startup Secures ₹232M For Power Electronics Growth

0
Eyeing to boost R&D and produce 100,000 variable frequency drives by 2026, Indian power electronics startup CastNX has secured ₹232.2 million from Plutus Investments. CastNX...

Industry's Buzz

Learn From Leaders

Startups