New Delhi : RattanIndia Group has sold its solar plants with a combined capacity of 306 MW to Global Infrastructure Partners (GIP), one of the world’s largest infrastructures and renewables private equity fund at value of Approximate Rs 1670 Crore (US$232 Million).
RattanIndia Group had solar assets portfolio of 306 MW, consisting of ground mounted solar assets of 297 MW spread across Karnataka (Pavagada), Maharashtra (Katol), Rajasthan (Bhadla) and Uttar Pradesh (Allahabad and Bareilly) and 9 MW rooftop solar projects spread across 10 cities.
The company started operations in 2016 and commissioned the projects during 2017-18. The projects have 25 years Power Purchase Agreements (PPAs) 95% of which is with national procurers NTPC and Solar Energy Corporation of India (SECI). The company previously counted world renowned, GE Energy Financial Services as one of the investors.
The solar business of RattanIndia was spearheaded by Mrs Anjali Rattan Nashier, Chairperson of RattanIndia Solar. She scaled up the business from scratch to 306 MW within a short span of time. She executed the projects using the best in class panels and EPC vendors such as Tata Solar and Sterling Wilson. Projects with offtakers such as NTPC and SECI were carefully chosen by her for bidding to reduce the risks associated with state level Power Distribution companies (DISCOM’s) .
The projects were executed in record time with highest quality. Average tariff of RattanIndia solar projects is a healthy Rs. 4.50/kwh. Mrs. Rattan is well regarded in the solar industry of the country for her execution and operational excellence. Given that RattanIndia Solar was able to attract investments from some of the leading international funds (GE & GIP), clearly highlights the quality of the assets and the strong reputation and execution capabilities of Mrs. Anjali Rattan Nashier. The transaction also reaffirms the faith of the global investment community in the Indian economy.
Mrs. Anjali Rattan Nashier, Chairperson of RattanIndia Solar said “A vibrant and growing renewable power sector will play an important role in India’s shift towards green energy sources. RattanIndia Solar has built world class solar plants which have a long residual operating life. This transaction demonstrates RattanIndia group’s continued track record of developing high-quality infrastructure assets in energy space and creating value for all stakeholders. This makes RattanIndia a partner of choice for high-quality international investors like GE and GIP.“ said Ms. Anjali Rattan Nashier, Chairperson of RattanIndia Solar
GIP is one of the world’s largest infrastructure investment managers with over US$ 51 billion of assets under management globally. Funds managed by GIP have investments with combined annual revenues of approximately USD 46 billion and more than 52,000 employees. Today, GIP owns ~26 GW of renewable energy generation projects across the world.
