GAIL emerges as highest bidder for acquisition of IL&FS’s 874 MW operational wind power projects

GAIL (India) Limited has emerged as the highest bidder for acquisition of 874 MW operational wind energy portfolio (Asset Portfolio 1) of Infrastructure Leasing & Financial Services (IL&FS). The Expression of Interest bids for the same were invited in November 2018. The Asset Portfolio 1 includes:

  • Asset Portfolio 1A: This includes five special purpose vehicles (SPVs) operating wind power plants with aggregate capacity of 569.2 MW.
  • Asset Portfolio 1B: This includes a SPV operating a wind power plant with aggregate capacity of 256 MW.
  • Asset Portfolio 1C: This includes a SPV operating a wind power plant with aggregate capacity of 48.3 MW.

The enterprise value of the transaction is expected to be Rs 48 billion. It includes accumulated debt of Rs 37 billion on the wind power SPVs and equity value of Rs 10 billion on the assets. The sale is expected to be completed by mid-May 2019.

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