+
 NIIF emerges as top bidder for Mahindra Susten’s solar assets
POWER & RENEWABLE ENERGY

NIIF emerges as top bidder for Mahindra Susten’s solar assets

The National Investment and Infrastructure Fund (NIIF) has been leading the bids to acquire Mahindra Susten’s assets of about 617 MW, after outbidding global private equity Brookfield Asset Management and KKR, as reported by sources. Mahindra Susten is a solar energy EPC platform owned by the Mahindra Group.

The operational assets that are sold include a 337.5 MW Solar park based in Rewa, Madhya Pradesh as well as an 84.5 MW plant at Charanka in Gujarat.

Moreover, NIIF offered Rs 3,500 crore in enterprise along with an equity value of Rs 1,180 crore for assets.

It would be the first major acquisition by NIIF in the renewable energy space in case the deal materialises. Additionally, NIIT is an existing investor in CDC-owned Ayana Renewable Energy as well as Everstone Capital’s Eversource.

The other funding groups for the bidding process were the Canada Pension Plan Investment Board (CPPIB), Actis as well as Edelweiss Infrastructure.

Mahindra Susten has built and sold solar power projects with a portfolio of 1.5GW. The business has been identified as non-core for Mahindra Group’s portfolio and has been divesting its assets. It has also mandated Rothschild, an investment bank to assist in finding potential suitors. Mahindra had announced the sale of three solar projects to CLP India at the cost of Rs 340 crore, in February.

In the infrastructural space of India, renewable energy projects, as well as operating toll roads as a sector, have matured significantly concerning the returns and stable government policies.

In the last three years, since April 2017, India has attracted investments worth Rs 1.32 lakh crore in the renewable energy segment. He further added that there is growth in the segment hence long-term investors and global developers are seeking to build their portfolios. In India, investors are offered a return on equity of 12-15% in the renewable segment, which is greater than most global capitals.

Also read:Equity infusion worth Rs 6,000 crore into NIIF on cards

Image Source

The National Investment and Infrastructure Fund (NIIF) has been leading the bids to acquire Mahindra Susten’s assets of about 617 MW, after outbidding global private equity Brookfield Asset Management and KKR, as reported by sources. Mahindra Susten is a solar energy EPC platform owned by the Mahindra Group. The operational assets that are sold include a 337.5 MW Solar park based in Rewa, Madhya Pradesh as well as an 84.5 MW plant at Charanka in Gujarat. Moreover, NIIF offered Rs 3,500 crore in enterprise along with an equity value of Rs 1,180 crore for assets. It would be the first major acquisition by NIIF in the renewable energy space in case the deal materialises. Additionally, NIIT is an existing investor in CDC-owned Ayana Renewable Energy as well as Everstone Capital’s Eversource. The other funding groups for the bidding process were the Canada Pension Plan Investment Board (CPPIB), Actis as well as Edelweiss Infrastructure. Mahindra Susten has built and sold solar power projects with a portfolio of 1.5GW. The business has been identified as non-core for Mahindra Group’s portfolio and has been divesting its assets. It has also mandated Rothschild, an investment bank to assist in finding potential suitors. Mahindra had announced the sale of three solar projects to CLP India at the cost of Rs 340 crore, in February. In the infrastructural space of India, renewable energy projects, as well as operating toll roads as a sector, have matured significantly concerning the returns and stable government policies. In the last three years, since April 2017, India has attracted investments worth Rs 1.32 lakh crore in the renewable energy segment. He further added that there is growth in the segment hence long-term investors and global developers are seeking to build their portfolios. In India, investors are offered a return on equity of 12-15% in the renewable segment, which is greater than most global capitals. Also read:Equity infusion worth Rs 6,000 crore into NIIF on cards Image Source

Next Story
Real Estate

DLF Returns to Mumbai with Premium Andheri Residential Project

Delhi-NCR based real estate major DLF announced its return to the Mumbai market on 17 July with the launch of its premium residential project, The WestPark, in Andheri. The first phase includes 416 apartments spread across four towers, with two towers launched on the announcement day. The company plans to invest over Rs 8 billion in the project and expects a topline exceeding Rs 20 billion from Phase 1.“We have launched two towers and, given the strong response, plan to unveil the remaining two towers ahead of schedule, within the next few days,” said Aakash Ohri, Joint Managing Director o..

Next Story
Infrastructure Urban

APCRDA Advances Net Zero Goal with IGBC Training for Officials

In a significant stride towards Andhra Pradesh’s Net Zero target by 2040 and the Swarna Andhra 2047 vision, the Andhra Pradesh Capital Region Development Authority (APCRDA), in partnership with the Indian Green Building Council (IGBC), conducted a high-level capacity-building programme for senior officials in Vijayawada on Friday.Held at a city hotel, the session saw the participation of over 50 senior APCRDA officials, including the Engineer-in-Chief, Chief Engineer (H&B), Director (Planning), Director (Environment), and heads of key departments. The training centred on IGBC’s Green B..

Next Story
Infrastructure Energy

Assam Solar Project Halted as Waaree EPC Contract Is Cancelled

Following the Assam government’s withdrawal from its proposed solar project, the Engineering, Procurement, and Construction (EPC) contract awarded to Waaree Renewable has been suspended. Waaree Group’s EPC division informed the stock exchange of this development through a regulatory filing.The Assam solar project was suspended due to funding challenges, which rendered the initiative unviable for the state government. Waaree Renewable Transmission Limited (RTL) explained that the Government of Assam has withdrawn the project’s funding via the Asian Development Bank (ADB) loan. Consequentl..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?