Essel Infraprojects Ltd, a part of the Subhash Chandra-led debt-laden Essel Group, has agreed to sell about 310 megawatts (MW) of solar energy assets to the Adani Group at a valuation of ₹1,800-2,000 crore, said two people aware the development.
The Union government has plans to invite bids for Rs 16,000 crore worth of power transmission projects this year (2019), with most of them connecting renewable energy projects to the grid, reports Business Standard (BS).
UK-based private equity firm Actis LLP has reportedly agreed to buy solar power projects of Essel Infraprojects for Rs 5,500-6,000 crore, Mint reported. The deal may be formally announced by December-end, the report said.
Essel Infraprojects Ltd (EIL), an enterprise of Subhash Chandra led Essel Group, has bagged India’s first railway project under Annuity mode for Rs 1,706 crore on the Eastern Freight Corridor connecting Howrah and Chennai main line.
Essel Infra is committed towards expanding its foot-print in the green energy sector, a senior company official said.
Essel Infraprojects, part of Subhash Chandra-led Essel Group, is in talks with various renewable energy players to sell three of its six solar projects with an aggregate capacity of about 215 mw, even as the company plans to build its solar portfolio by focusing on investments in solar parks.
The Maharashtra Electricity Regulatory Commission (MERC) has approved Nagpur Municipal Corporation’s (NMC) waste-to-energy plant, and also accorded it ‘Must-Run’ power plant status.
Tariff of Essel Infraprojects’ solar power plant at Uttar Pradesh (UP) has been upheld by Uttar Pradesh Electricity Regulatory Commission, more than a year after the project was commissioned.
The Indian Railways, under its massive station redevelopment programme, is set to offer more than 144 acres of land with its 23 stations for commercial development.
Even though the power sector is trying to recover from a mountain of debt and stalled projects, there’s significant action on the ground when it comes to building transmission infrastructure.