RattanIndia Sells Solar Assets Worth 306 MW to GIP for Rs 1670 Crore

The RattanIndia Group has sold its solar plants and assets with a combined capacity of 306 MW to GIP for around Rs 1,670 crore.

The RattanIndia Group has announced that it has sold its solar plants and assets with a combined capacity of 306 MW to Global Infrastructure Partners (GIP) for around Rs 1,670 crore.

The group has a solar assets portfolio of 306 MW, consisting of ground-mounted solar assets of 297 MW capacity spread across Karnataka (Pavagada), Maharashtra (Katol), Rajasthan (Bhadla), and Uttar Pradesh (Allahabad and Bareilly) and 9 MW rooftop solar projects spread across 10 cities, a company statement said. The average tariff of the firms’ solar power projects is Rs 4.50 per unit.

The company started operations in 2016 and commissioned the projects during 2017-18. The projects have 25 years of Power Purchase Agreements (PPAs) and 95 percent of which is with national procurers the NTPC and Solar Energy Corporation of India (SECI).

The firm stated that the entire transaction is valued at Rs 1,670 crore.

“This transaction 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,” Anjali Rattan Nashier, Chairperson of RattanIndia Solar said.”

GIP is one of the world’s largest infrastructure investment managers with over USD 51 billion of assets under management globally. Funds managed by GIP have investments with combined annual revenues of approximately USD 46 billion and more than 52,000 employees.

In December 2019, we had reported that Mumbai-based Vector Green Energy, a wholly-owned subsidiary of India Infrastructure Fund II of IDFC alternatives, which in turn is owned by GIP, had formally entered the big league with the completion of its latest acquisition of about 275 MW of solar assets belonging to Rattan India.

GIP also operates Vena Energy in the renewables space, which has a portfolio of over 11 GW in the Asia Pacific region. Vector Green seems to have emerged as the preferred vehicle to build a portfolio in India.