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SEP 30 2016

Greenko set to snap up SunEdison India assets with TerraFarm nod for the deal

  • Economic Times, ET Bureau / Hyderabad
  • Created: Fri 30th SEP 2016

In a major consolidation drive, Greenko Energy Holdings, a renewable energy company, is set to snap up the Indian assets of the bankrupt US renewable company SunEdison.

The last of the hurdles for the acquisition of about 400 MW of operational solar assets and 50 MW of wind assets, and a pipeline of 900 MW of projects will become part of Greenko, a company, which is backed by GIC of Singapore.

The move comes after Terraform Global, a clean energy company listed on Nasdaq, accorded its consent to SunEdison following recent negotiations to divest its assets in India and Uruguay. TerraFarm and SunEdison are engaged in a $2-billion claims dispute.

In a regulatory filings made with SEC, TerraFarm and SunEdison agreed to the latter's proposed move to divest its renewable energy portfolio in India, which paves way for Greenko clinching deal, pipping couple of others in the fray.

The deal is likely to be formally announced shortly, sources close to the development disclosed requesting not to be quoted. SunEdison had initiated sale process after it filed for Chapter 11 bankruptcy.

As per the move to acquire the SunEdison assets, Greenko, which had raised $230 million equity funds from GIC and Abu Dhabi Investment Authority, is likely to close the deal with SunEdison in India for about $ 350 million.

About 450 MW of completed Indian assets of SunEdison were under consideration for transfer to TerraForm due to financial issues. Founded by Hyderabad-based entrepreneurs Anil Kumar Chalamalasetty and Mahesh Kolli, Greenko has built an installed capacity of over one giga watt.

The company, which was listed on the AIM of London Stock Exchange, had later secured fund infusion from GIC of Singapore to acquire its assets. This was followed by another equity infusion by the Abu Dhabi Investment authority.

Tags

Renewable Energy Wind Clean Energy Energy United States India Solar

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