Essel Group is in talks with various companies for the sale of stake in 685 MW solar power projects. The companies are Adani Power Limited, Canadian Pension Plan Investment Board and Engie among others. The enterprise value of the transaction is expected to be Rs 47.95 billion.
In November 2018, Private equity investor Actis LLP had agreed to buy Essel Infraprojects Limited’s solar power projects for Rs 5,500-6,000 crores. The renewable energy industry in India has witnessed a wave of consolidation as smaller companies exit the industry due to low tariffs, stiff competition and as access to cheap funds dries up.