Essel Group’s infrastructure arm and Adani Green Energy, India's leading solar power generation and manufacturing company, are in the final stage of negotiations for the sale of Essel’s 250-megawatt operational solar portfolio, the Economic Times reports.
The sale would only encompass part of Essel Infraprojects’ 310-megawatt operational portfolio, according to the Times. The remaining 375 megawatts of the company’s 685-megawatt solar energy portfolio, are under construction.
Adani is looking to purchase the assets for INR 2,000 crore ($281 million), with the final deal expected to be announced in the coming weeks.
According to Mint, which covered the initial agreement between the companies in June, the deal would be the third sale for Essel, which aims to monetize assets to pay off creditors. The funds raised through the sale will help the company pay back the debt on the assets, with the remainder expected to generate a return on equity for the company.
In 2018, the company was in advanced talks to sell the assets first to Greenko, and later to Actis for INR 4,700 crore ($662 million); however, both deals fell through. Then in February, Essel initiated talks with ACME Solar Holdings, only to see that deal also fizzle.
