RattanIndia Group sells solar assets to GIP for Rs 1,670 crore

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RattanIndia Group on September 2 said it has sold its solar plants with a combined capacity of 306 MW to Global Infrastructure Partners (GIP) for about Rs 1,670 crore. GIP is one of the world's largest infrastructure investment managers with over $51 billion of assets under management globally.

RattanIndia Group had solar assets portfolio of 306 MW, consisting of ground mounted solar assets of 297 MW spread across Karnataka (Pavagada), Maharashtra (Katol), Rajasthan (Bhadla) and Uttar Pradesh (Allahabad and Bareilly) and 9 MW rooftop solar projects spread across 10 cities, a company statement said. RattanIndia Group said the transaction is valued at Rs 1,670 crore.

The company started operations in 2016 and commissioned the projects during 2017-18. The projects have 25 years Power Purchase Agreements (PPAs) and 95 per cent of which is with national procurers the NTPC and Solar Energy Corporation of India (SECI).

The company previously counted GE Energy Financial Services as one of the investors. The average tariff of RattanIndia solar projects is Rs 4.50 per unit.

"This transaction demonstrates RattanIndia group's continued track record of developing high-quality infrastructure assets in energy space and creating value for all stakeholders. This makes RattanIndia a partner of choice for high-quality international investors like GE and GIP," Anjali Rattan Nashier, Chairperson of RattanIndia Solar said. Funds managed by GIP have investments with combined annual revenues of approximately $46 billion and more than 52,000 employees.