Canada-based solar firm SkyPower Global looking to shed equity in Madhya Pradesh project

After SunEdison, a Canada-based solar firm SkyPower Global is looking to exit from the Indian market. Last year in July the firm bagged contracts to set up solar plants of 150 MW in Madhya Pradesh and now it is looking to offload equity.

According to ET SkyPower Global has approached two leading India based renewable energy developers, seeking investment in the project.

The company’s Mauritian arm, SkyPower South East Asia Holding Ltd bagged contracts to set up three solar plants in MP of 50 MW each at tariffs of Rs 5.05, Rs 5.11and Rs 5.30 per kwH.

A senior official associated with the MNRE told the publication “I was always apprehensive about this bid in MP. The attitude and actions of SkyPower never seemed to suggest it was serious. Usually, companies visit the site before bidding and do plenty of preparatory work, which seemed to be missing in this case.”