Australia's Macquarie has invested around $600m in India's solar market. Image: Flickr hiroo yamagata
Macquarie Asia Infrastructure Fund (MAIF) is reported to have agreed to buy a large solar portfolio from Indian electric power developer Hindustan Power projects Pvt. Ltd for the amount of $600 million, marking the group’s long-awaited entry into India’s renewables sector.
The fund is expected to hold a 100% stake in these solar power assets, which are spread across 18 special purpose vehicles, largely located in the state of Gujarat.
Given that the projects in question were brought online in 2010, the power purchase agreements were signed at tariffs higher than the current average ones, considering the overriding trend of falling solar power tariffs.
Although there has been no official confirmation arriving from any of the companies, it is reported that of the $600 million deal value, $250 million is the equity value and about $350 million is the debt associated with the projects.
The arrival of Macquarie would come as no surprise as it would be yet another major foreign investor that has recognized the great appeal of India’s solar sector, which is growing at an unprecedented pace.
Source: PV Magazine. Reproduced with permission.
Locals who say they overwhelmed by three neighbouring big battery projects force one gigawatt proposal…
Developer of small wind project in Victoria gets approval for five turbines from state government,…
The wind, solar and battery project secured state and EPA approvals in an astonishing four…
A solar installer has been fined for unsafe home battery installations, including one that sparked…
A 600MW wind project has the green light to start construction, but government wants turbine…
Another two major solar and battery projects have been referred to independent commission after objections…