RattanIndia sells 306 MW of solar assets to GIP

The RattanIndia Group has sold 306 MW of solar assets to Global Infrastructure Partners (GIP) for an amount of Rs 16.7 billion. The portfolio of assets included ground-mounted solar projects with a cumulative capacity of 297 MW capacity spread across Pavagada in Karnataka,Katol in Maharashtra, Bhadla in Rajasthan, Allahabad and Bareilly in Uttar Pradesh and 9 MW rooftop solar projects spread across 10 cities. The average tariff of the firms’ solar power projects is Rs 4.50 per unit.

GIP was already in advanced talks to acquire RattanIndia Power Limited’s solar power assets in May 2019. The enterprise value of the transaction at that time was expected to be Rs 21.01 billion. While the due diligence of solar assets was completed in 2019, the deal was finalised after some delay. GIP is one of the world’s largest infrastructure investment managers with over $51 billion of assets under management globally. Funds managed by GIP have investments with combined annual revenues of approximately $46 billion and more than 52,000 employees.

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