RattanIndia sells 306MW solar portfolio to GIP for $232m

3 September 2020 (Last Updated September 7th, 2020 14:02)

RattanIndia Group has reportedly sold its 306MW of solar projects to Global Infrastructure Partners (GIP), in a deal valued at $232m (Rs16.7bn).

RattanIndia sells 306MW solar portfolio to GIP for $232m
RattanIndia has sold two solar plants to Global Infrastructure Partners. Credit: Chelsea on Unsplash.

RattanIndia Group has reportedly sold its 306MW of solar projects to Global Infrastructure Partners (GIP), in a deal valued at $232m (Rs16.7bn).

US-based infrastructure investment fund GIP has acquired solar assets across Karnataka, Maharashtra, Rajasthan, and Uttar Pradesh, with a combined capacity of 297MW.

The deal includes 9MW of rooftop solar projects, spread across ten cities in India.

The power generated by these solar facilities is sold to nationalised companies such as NTPC and SECI under 25-year power purchase agreements. For operators, this minimises the payment risks usually associated with state-run power distribution companies.

RattanIndia Solar chairperson Anjali Rattan Nashier said: “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.”

In another development, India’s solar panel manufacturer WAAREE Energies has secured a supply contract for more than 300MW of solar panels from an undisclosed client.

As per the terms of the contract, WAAREE will deliver its solar modules to a solar facility in California, which will come online in the second or third quarter of next year.

The project will use the company’s 385, 390 Wp Mono PERC Solar photovoltaic modules. The clean energy generated by the solar facilities will be sold under a power purchase agreement.

WAAREE Energies Sales and Marketing director Sunil Rathi said: “This order is in line with Government of India’s vision of Atmanirbhar Bharat, and shows the capabilities of Indian manufacturers to compete in the global market.”