JP Morgan-backed Leap Green Energy set to buy Inox Renewables Windfarms


JP Morgan-backed Leap Green Energy set to buy Inox Renewables Windfarms

A clean energy company promoted by India’s first Formula One driver Narain Karthikeyan and his family is set to buy a cluster of wind power generation assets from the Inox Group in a deal valued at around Rs. 1000 crore.

An announcement is imminent, said people directly aware.

Inox Renewables, an independent power producer (IPP), is a 99.98% subsidiary of listed Gujarat Fluorochemicals and has close to 300 MW of installed wind energy generation capacity across states such as Rajasthan and Maharashtra. It has entered into long-term power purchase agreements (PPAs) with state electricity boards for the sale of wind energy.

Coimbatore-based Leap Green Energy, founded by Narain Karthikeyan and his family in 2006, has 453 MW of installed wind-generation capacity and has entered into PPAs with state electricity boards in Rajasthan, Tamil Nadu and Madhya Pradesh. It clocked sales of close to Rs 300 crore in the year to March 2015. Read More…

Credit By : Energy.Economictimes.Indiatimes.com

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