Fotowatio to Withdraw from Solar Project in India

Having the FRV’s solar project in Ananthapuramu Solar Park in Andhra Pradesh on sale, Edelweiss Infrastructure Yield Plus Fund and Actis LLP’s Sprng Energy have already indicated interest in acquisition.

Arabian clean and renewable energy solutions provider, Fotowatio Renewable Ventures (FRV) has planned to withdraw its only ownership in the Indian solar space.

Having the FRV’s solar project in Ananthapuramu Solar Park in Andhra Pradesh on sale, Edelweiss Infrastructure Yield Plus Fund and Actis LLP’s Sprng Energy have already indicated interest in acquisition.

Further, the process of sale of the Arabian player’s ownership in the solar power plant is being run by the Indian renewable energy sector focused investment bank Greenstone Energy Advisors.

The project under sale by Fotowatio Renewable Ventures was won by Arabian green energy utility in a reverse auction conducted by SECI, wherein a 25-year agreement at Rs. 4.43 per unit was signed.

The exit is surprisingly coming after the solar tariffs had touched record low of Rs. 2.44 per unit.

India being the third highest consumer of solar energy after China and USA, the withdrawal process is expected to draw considerable heat from India’s solar market.

In a bid to grow portfolios across the solar segment, ReNew Power has acquired Ostro Energy from private equity fund Actis LLP. After the sale Actiss LLP is eyeing to buy FRV’s solar plant to add to its solar platform Sprng Energy the capacity of 1 GW.

Source: Livemint