Hind Power hopes to seal solar asset sale with Macquarie by November
Delhi-based Hindustan Powerprojects Pvt Ltd (Hindustan Power) expects to conclude by November a deal to sell some of its solar assets to Macquarie Asia Infrastructure Fund (MAIF).
A spokesperson for Hindustan Power confirmed to BusinessLine that the deal was on track.
“The due diligence process is going on as Macquarie, as any other foreign investor, is very particular about project details, especially when it comes to land issues. Unfortunately, in India, especially in some States, there is often lack of clarity regarding land, this confuses foreign investors,” the spokesperson said.
Post the deal, Hindustan Power will retain almost half of its installed solar capacity, totalling less than 300 MW, while its under-construction capacity is around 150-200 MW, the spokesperson added.
As one of the few Indian MNCs in the renewable energy space, Hindustan Power is now focussing on increasing its presence in the international market targeting 2 GW of operational capacity globally by 2022.
For MAIF, the deal with Hindustan Power marks its entry into India’s renewable space.
The fund has invested up to ?580 crore in Hindustan Power’s 1,200 MW thermal plant in Madhya Pradesh through the Macquarie-SBI Infrastructure Fund (MSIF), set up in 2009 with the country’s top lender.
Macquarie refused to comment on the deal.