The plant—constructed and operated by Germany-headquartered IBC Solar Energy—is NextEnergy’s first investment in India as part of its strategy to acquire ready-to-build or operational solar projects across high-growth international markets.
Foreign direct investment into Indian solar concerns from China and other neighboring countries will now have to secure the approval of the Ministry of New and Renewable Energy.
Marking its second infrastructure investment in India, KKR will acquire Mumbai-based Shapoorji Pallonji Infrastructure’s 169 MWp solar assets in Maharashtra and 148 MWp in Tamil Nadu for a sum of Rs 15.54 billion (approximately US$204 million).
CLP India acquired Mahindra Renewables’ complete stake in Divine Solren for Rs 124.47 crore. Divine Solren is a special purpose vehicle formed by the Mahindra group to set up a 50 MW solar plant in Adilabad district of Telangana. The plant was commissioned in 2017.
Japan-based Hitachi will buy an 80.1% per cent stake in the Swiss major’s power grids business in a deal that values its grid business at US$ 11 billion.
Fimer’s takeover of the inverter business of the Swiss conglomerate will not affect job numbers at ABB’s Indian production facilities, according to the new owner of the combined business.
Cleansolar Renewable Energy, Divine Solren and Neo Solren—all of which were formed to set up and operate solar plants in Telangana—would be sold for around Rs 340 crore. The transaction is expected to be completed by May 31, 2020.
Led by Indian developer Renew Power’s former CEO Parag Sharma, the joint venture by these global investors aims to install over 4 GW of utility-scale capacity across solar and wind projects.
Mumbai investor Edelweiss Group will gain a controlling stake in the generation assets in a deal which Engie says will allow it to reduce its debt by Rs3,160 crore.
The Chennai-based solar EPC contractor and trader, which formed SIL Rooftop Solar as the new subsidiary in October, has included battery-based energy storage as a focus area in addition to renewable energy projects.
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