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.


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

Related News

  • Thermax buy 33 per cent in First Energy with plans to buy up to 76 per cent  Read more
  • ONGC says completion of projects in KG Basin fields may get delayed  Read more
  • Record 323 villages electrified in week ending March 13  Read more
  • US Exim Bank provides $9 m loan for export of solar panels  Read more
  • TSERC passes interim order to settle payment dispute between GSL and NPDCTSL  Read more
  • Coal India set to venture into clean coal project in Bengal  Read more
  • KSK Energy commissions 600-MW unit I of Mahanadi project  Read more
  • Sri Lanka workers to strike against proposed oil storage deal with India  Read more
  • Regulatory hurdles trip open access market for energy consumers: ICRA  Read more
  • Power Ministry wants Cabinet to decide on gas pooling for power stations  Read more