British PE firm Actis close to buying solar assets of India’s Shapoorji Pallonji: Reports


British PE firm Actis close to buying solar assets of India’s Shapoorji Pallonji: Reports

British private equity firm Actis is close to signing a deal to buy the solar power portfolio of Indian conglomerate Shapoorji Pallonji, three people aware of the development said on Tuesday.

The acquisition of Shapoorji’s 400 megawatt (MW) solar power portfolio will be done via a renewable platform owned by Actis named “Sprng Energy” at an equity valuation of around 11 billion rupees ($168 million), one of the people said, asking not to be named as final negotiations are ongoing.

“The due diligence is almost over and the equity value has been reached,” the person said, adding an announcement could come soon. Read More

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