Essel in talks with Adani for solar assets sale

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Debt-laden Essel Infraprojects has reportedly agreed to sell about 310 MW of solar energy assets to the Adani Group for Rs1,800-2,000 crore. The company has a total solar energy portfolio of 685 MW, with 310 MW currently operational and the remaining 375 MW under construction.

“Essel Infra has reached an agreement with the Adani Group to sell its operational portfolio at Rs5-6 crore per megawatt. This will help Essel pay back the debt on these assets, while the remaining will be returned on equity for the company,” daily newspaper Livemint quoted a person aware of the development while sharing the details.

Earlier, UK-based private equity investor Actis had called off plans to buy Essel Infra’s 685 MW solar assets for around Rs4,700 crore. Other than Actis, Tata Power, Greenko and Hero Future Energies were also said to be in talks with Essel Infra to purchase its solar power plants.

In 2016, Essel Infra had begged $132 million (Rs900 crore at the time) from Piramal Enterprises and its Dutch partner, APG Asset Management.