RattanIndia sells 306MW solar projects to GIP for Rs 1,670 crore

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September 3, 2020 8:45 AM

FE had reported in November 2019 that Vector Green Energy, the Indian business unit of GIP, has successfully completed the negotiations to acquire 300MW solar generation capacity of RattanIndia.

The acquisition helped Vector Green’s portfolio in the country to double to 600MW.The acquisition helped Vector Green’s portfolio in the country to double to 600MW.

RattanIndia Group announced on Wednesday the sale of it 306 mega-watt (MW) of solar projects to New York-based Global Infrastructure Partners (GIP) for Rs 1,670crore ($232million).

As much as 297 MW of the ground mounted capacities, spread across Karnataka, Maharashtra, Rajasthan and Uttar Pradesh, are rooftop solar plants. The projects sell power mostly to solar aggregators NTPC and SECI, reducing the payment risks usually associated with state-run power distribution companies. The average tariff at which they sell electricity is Rs 4.5/unit, significantly higher than the tariffs observed in solar auctions in recent years.

FE had reported in November 2019 that Vector Green Energy, the Indian business unit of GIP, has successfully completed the negotiations to acquire 300MW solar generation capacity of RattanIndia. The acquisition helped Vector Green’s portfolio in the country to double to 600MW.

Aditya Aggarwal, who heads GIP’s renewable operations in India, did not comment on the development.

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