Mumbai: Leading infrastructure investor Global Infrastructure Partners (GIP) has bought the entire solar portfolio of RattanIndia Power Ltd (formerly India Bulls Power) for an enterprise value of about Rs 1,670 crore ($232 million).
RattanIndia Group has 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.
GIP entered the Indian market in 2018 when it acquired the infrastructure asset management business of multi-asset manager IDFC Alternatives Ltd. These included two funds — the India Infrastructure Fund I and Fund II that invested about $1.4 billion across infrastructure and renewable energy sectors.
RattanIndia started operations in 2016 and commissioned the solar projects during 2017-18. The projects have 25-year power purchase agreements (PPAs), 95 per cent of which is with national procurers NTPC and Solar Energy Corporation of India (SECI). Average tariff of RattanIndia solar projects is Rs 4.50/kwh.
