Welspun’s 1.1 GW green assets attract Tata Power, Greenko

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Welspun Renewables Energy Pvt. Ltd’s plan to sell its portfolio of 1.1 gigawatts (GW) of renewable power assets has attracted interest from several local and foreign power producers, according to two people aware of the development.Tata Power Ltd and Hyderabad-based Greenko Group Plc have evinced interest in acquiring Welspun’s portfolio, said one of the two people cited above, requesting anonymity, as he is not authorized to speak with reporters. Singapore-based Sembcorp Industries Ltd is also interested, he added.In February, Mint reported that IDFC Alternatives, the asset management arm of IDFC Ltd, was in talks to acquire the portfolio.Welspun Renewables, a part of the $3 billion Welspun Group, has solar and wind power assets across eight states in India.“At 1.1 GW, this is an attractive opportunity for any serious power producer to increase their renewable portfolio in India and that is why there is a good interest for acquiring these assets,” the first person said.Welspun is seeking an enterprise valuation of Rs.9,500-10,000 crore for the assets, primarily solar power, said the second person cited above, also requesting anonymity.“They are looking at a consideration of almost Rs.3,500 crore for the equity portion,” he said, adding that the portfolio of assets has a total debt of over Rs.6,000 crore,” he said.Out of the portfolio of 1.1 GW, about 600 MW is currently operational and remaining 500MW is expected to become operational before the end of the year, this person added. Emails sent to Welspun Renewables on Friday went unanswered.Tata Power declined to comment on the development except to say that it is evaluating various options.

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