Global Infrastructure Partners (GIP) and Edelweiss Infrastructure Yield Plus fund are competing to acquire the solar energy portfolio of French major Engie in India for around $400 million, said two people aware of the development.
Both have submitted firm offers and a final decision is due in the next couple of weeks. Actis, another global investor in the race, had backed out recently. Engie has a renewable energy capacity of 1.5 GW in India. It has an installed capacity of 810 MW in solar and a capacity of 280 MW in wind. Rothschild & co is running a sale mandate for Engie.
GIP India is believed to have submitted a proposal that includes cash along with stock in its own clean energy subsidiary Vector Green Energy.
Edelweiss infra is bidding through Sekura Energy Limited, the energy focused platform wholly owned by Edelweiss Infrastructure Yield Plus. Read More
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