Essel Infraprojects appoints Investec to find buyer for its solar power business

In an indication of accelerating consolidation in India’s green energy space, Subhash Chandra’s Essel Infraprojects Ltd has mandated Investec to find a buyer for its solar business, said two people aware of the development.

Essel’s move comes at a time when financing at the lowest cost has become key to success in India’s renewable energy sector after solar and wind power tariffs fell to record lows.

Solar power tariff fell to a record Rs2.44 per kWh in May before firming up to Rs2.65 per kWh in an auction by the Gujarat government last month.

“Essel Infra has appointed Investec as the banker for the sale of their solar business,” a person aware of the development, requesting anonymity. A second person confirmed the development.

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