Power News We love to talk!

MAY 16 2018

Hinduja National Power acquires Kiran Energy

  • Economic Times, ET Bureau / Hyderabad
  • Created: Wed 16th MAY 2018

 

Mumbai-based Kiran Energy Solar Power has been acquired by Hinduja National Power Corporation, part of the Hinduja Group, for an enterprise value of around Rs 900-950 crore, a source close to the development revealed.

It is an all-cash deal in which Hinduja National Power will buy 100% shares of Kiran Energy. Yes Securities’ Sustainable Investment Banking division – part of Yes Bank – were the sole advisers for the deal on behalf of Kiran Energy.

The company has around 85 MW of commissioned solar assets – 60 MW in Rajasthan, 20 MW in Gujarat and 5 MW in Maharashtra. Set up in 2009 by Ardeshir Contractor, former head of KPMG’s investment banking division in India and Alan Rosling, previously with Tata Sons, it roped in investment from private equity firms Argonaut Ventures, New Silk Route and Bessemer Venture Partners over the next two years. The three firms owned around 80% of Kiran Energy, but had been looking to exit for some time.

In December 2016, Hinduja National Power had acquired the entire 22.3 MW solar portfolio of French renewable energy developer Fonroche Energie SAS, which had decided to exit India. Kiran Energy is its second acquisition, though it also has some group captive solar plants. Hinduja has announced plans to set up 1000 MW of solar projects in India.

Contractor confirmed the acquisition in an email through Yes Securities, but without mentioning the size of the deal. The Hinduja Group did not comment.

Tags

Rajasthan Gujarat Maharashtra Banking Captive Renewable Energy Energy Mumbai Power India solar power KPMG Solar CAPTIVE TATA

Related News

  • India to commission worlds largest green field refinery by 2022 at a cost of $40 billion  Read more
  • Jharkhand: The petitioner BSL (SAIL-Bokaro) has filed the petition for consideration of their Captive Power Plant as Co-generation plant  Read more
  • Solar panel makers eye overseas markets  Read more
  • Board of Havells India approves acquisition of stake in Promptec Renewable Energy Solutions  Read more
  • Mahindra to expand renewables business amid India's clean energy push  Read more
  • Nuclear plants insured  Read more
  • India, Japan discuss partnership for energy projects in Asia and Africa  Read more
  • This Gujarat village is harvesting a sunny crop  Read more
  • Vikram Solar signs MoU with Indian Institute of Engineering Science and Technology  Read more
  • India unlikely to achieve 40 GW rooftop solar power target: CARE Ratings report  Read more