Kolkata-based Atha Group plans to sell its 365 MW energy assets

13 Aug 2021 CW Team

Atha Group is leaving their clean energy business by selling 365 MW assets, which are spread over seven states. The deal is estimated to value the assets at an industry price of Rs 2,000 crore.

Avendus Capital is the legal advisor on Atha Group's sale procedure. Leading players like Ayana Power, Edelweiss Infrastructure, O2 Power received feelers.

Atha Group has 200 MW assets in Tamil Nadu, 50 MW in Maharashtra, 20 MW in Karnataka, 15 MW in Telangana, and remaining in Madhya Pradesh and Rajasthan. The bids are likely to be in by 25 of this month.

Atha Group firms in 2017, NVR Energy and Narbheram Vishram, won the bid to supply 200 MW of solar power to Tamil Nadu Generation and Distribution Corporation (TANGEDCO) out of the 2,000 MW capacity to be developed by TANGEDCO.

Besides renewable energy, Atha Group is 60 year old and is diversified into power & steel, iron-ore mining, and Calcined petroleum coke.

Many conventional power manufacturers are selling a huge portfolio of their assets in the previous years. Major purchasers are the marquee private equity funds-backed renewable platforms.

Since 2017, India has drawn investments of Rs 1.32 lakh crore in the renewable energy sector. Currently, the renewable energy capacity of India is around 95 GW, with 40.5 GW of solar power.

The renewable energy (RE) capacity of India is likely to grow from 10.5 GW to 11 GW in the FY 2021-22, following a strong project pipeline of around 38 GW.

It is estimated that the RE sector would see investments of Rs 3.5 trillion in the upcoming four years, increasing the share of RE capacity from 25% (March 2021) to 34% by March 2025, driven by the solar power sector.

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Also read: ReNew Power to buy 260 MW operational solar in Telangana

Also read: GSECL floats tender for 224 MW grid connected solar projects

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