Global Infrastructure Partners (GIP) and the Edelweiss Infrastructure Yield Plus (EIYP) fund, an alternative investment fund managed by Edelweiss Alternative Asset Advisors, are locked in a competitive bidding process for the Indian solar energy portfolio of French utility Engie.
The companies have valued Engie at $400 million, according to people with knowledge of the matter. They emerged as the sole bidders after competitor Actis backed out.
The utility’s solar photovoltaic park portfolio has a total capacity of 1,850 megawatts worldwide and is the largest in France, occupying 12 percent of the market, according to Engie. Engie has 810 megawatts of solar and 280 megawatts of installed wind power generating capacity in India, reports Renewables Now.
According to the Economic Times, GIP’s proposal is believed to include cash, along with stock in its own clean energy subsidiary Vector Green Energy. Edelweiss is bidding through Sekura Energy Ltd., a platform owned by EIYP.
Engie is expected to make a decision in the next couple of weeks.
