Al Gore firm, CapitaLand eye Radiance acquisition

livemint.com:

NEW DELHI : Former US vice-president Al Gore-headed Generation Investment Management’s Just Climate LLP, and Singapore’s CapitaLand Investment Ltd are among entities exploring an acquisition of Radiance Renewables Pvt. Ltd, two people aware of the development said. The sale of the Eversource Capital-backed company, which operates in the commercial and industrial (C&I) segment, may attract a potential equity value of about $300 million, the people said.

Non-binding offers (NBOs) are expected this month for the 100% stake sale of Radiance, which is backed by India’s quasi sovereign wealth fund National Investment and Infrastructure Fund (NIIF) and the UK government’s Foreign, Commonwealth Development Organisation (FCDO). Rothschild & Co. is running the sale process for the platform, which has a 500 megawatts (MW) operating portfolio.

“The NBOs are expected shortly," said one of the two people cited above, requesting anonymity. CapitaLand Investment Ltd has S$133 billion of real estate assets under management, and S$90 billion of real estate funds under management. Earlier, it was looking at buying a controlling stake in rooftop solar power producer CleanMax Enviro Energy Solutions Pvt.

Ltd, that was last year acquired by Brookfield Renewable for $360 million. London-headquartered Generation Investment Management LLP is one of the world’s largest sustainable investment firms and has $44 billion of assets under management and supervision. Spokespersons for Eversource Capital, Rothschild & Co., Just Climate, CapitaLand Investment Ltd and British International Investment Plc declined comment.