Greenko Group, Hero Future Energies eye Essel Infraprojects’ solar business

Greenko Group and Hero Future Energies Pvt. Ltd are separately looking to acquire Subhash Chandra’s Essel Infraprojects’ solar business, according to two people aware of the development.

“The Essel solar deal may rank amongst the largest clean energy deals in India’s renewable energy space,” said one of the two people cited above, requesting anonymity.

Greenko and Hero Future Energies are looking to rapidly expand their capacities as a wave of consolidation is sweeping through India’s clean energy industry, even as low-cost financing has become the key to success after solar and wind power tariffs plunged to record lows.

India’s large green energy deals include Tata Power Co. Ltd acquiring the entire 1.1 gigawatt (GW) renewable energy portfolio of Welspun Energy Ltd for $1.4 billion and Greenko Energies Pvt. Ltd—backed by Singapore’s sovereign wealth fund GIC Holdings Pte and the Abu Dhabi Investment Authority—acquiring SunEdison Inc.’s Indian assets for $392 million in 2016. Also, in the largest global clean energy acquisition till date, Global Infrastructure Partners led a group of investors that last year announced plans to buy Equis Energy for $5 billion. The sale includes the Indian portfolio of the Singapore-based renewable energy developer comprising green energy platforms Energon and Energon Soleq.

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