Actis, Edelweiss, and Malaysian state oil company Petronas are in discussions to purchase a 185 MW solar asset portfolio in India from Finnish utility Fortum and co-investors. The deal is estimated to have an enterprise value of over $150 million, according to sources familiar with the matter.
The potential buyers are in the process of performing due diligence on the solar assets and are anticipated to submit their final bids shortly. One of the people mentioned above stated, "These assets are of high quality and have attracted significant investor interest."
The transaction will probably result in the portfolio being valued at over $150 million in enterprise valuation. The sale will be final, and both co-investors, along with Fortum, will completely leave the portfolio," the individual included.
Fortum, UK Climate Investments, backed by Macquarie Group, and Elite Alfred Berg, a Finnish asset management firm, own the operational assets collectively. Fortum holds the majority share at 46%, followed by UK Climate Investments with 40% and Elite Alfred Berg with 14%.
The portfolio includes a 100 MW solar project located at the Pavagada Solar Park in Karnataka, as well as two projects of 70 MW and 5 MW each in Rajasthan and an additional 10 MW facility in Madhya Pradesh.
