KKR and Actis are in talks to acquire a 435-megawatt solar portfolio from Azure Power Global Ltd., people with knowledge of the matter told Mint.
According to the sources, the transaction is likely to be worth between $200 million and $250 million.
Azure Power is the longest-tenured utility-scale solar power producer in India and has what is believed to be one of the largest portfolios of operating projects in India. The company installed India’s first private utility-scale solar project in 2009, and issued India’s first solar green bond, according to Azure’s website.
The company has a portfolio of more than 7 gigawatts under various stages, spanning 24 states across India.
Azure Power is backed by Canadian institutional investor Caisse de dépôt et placement du Québec, according to Mint.
