RattanIndia Group, a New Delhi-headquartered coal-fired power generator, has sold its entire solar portfolio to infrastructure investment fund Global Infrastructure Partners (GIP) in a deal worth about ₹1,670 crore, news agency PTI reported.
The company—which has coal-fired power plants at Amravati and Nashik in Maharashtra—had a solar portfolio of 306 MW, including 297 MW ground-mount and 9 MW rooftop.
GIP is one of the world’s largest infrastructure investment managers that focuses primarily on energy, transport and water/waste industries.
“RattanIndia Group’s ground-mounted solar projects are located in the states of Karnataka (Pavagada), Maharashtra (Katol), Rajasthan (Bhadla) and Uttar Pradesh (Allahabad and Bareilly). The 9 MW rooftop solar projects are spread across 10 cities,” PTI reported.
The projects benefit from the sale of power for an average tariff of ₹4.50 per unit under 25-year power purchase agreements (PPAs), 95% of which are signed with state-owned procurement agencies NTPC and Solar Energy Corporation of India (SECI), PTI added.
Previously, RattanIndia partnered with GE Energy Financial Services (GEEFS) to co-develop a solar power portfolio of 500 MW with GEEFS committing an investment of more than 90 million USD.
“This transaction [with GIP] 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,” PTI quoted Anjali Rattan Nashier, Chairperson of RattanIndia Solar.
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