Canada’s SkyPower hires Yes Bank to find buyer for its India solar projects

Canadian solar energy developer SkyPower Ltd has hired Yes Bank to sell a stake in its solar power projects in India, said two people aware of the development.

The move by one of the world’s largest utility-scale solar project developer to sell a stake in its India portfolio is representative of the investment thesis adopted by foreign developers in India’s clean energy space. With financing at the lowest cost becoming key to success, given record low solar and wind power tariffs, the deal-making activity in the Indian clean energy space has gathered pace.

“Yes Bank is looking for a buyer for SkyPower’s assets,” said a person, requesting anonymity.

Another person, who also didn’t wish to be named, confirmed the development.

Toronto-based SkyPower has built, assembled and acquired a pipeline of over 25 gigawatts (GW) worldwide, of which 9GW is in the form of bilateral agreements to be built in West Asia, Africa and South-East Asia over the next five years. US-based real estate and infrastructure investment firm CIM Group owns majority stake in SkyPower.

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