Banpu, Just Climate, CapitaLand shortlisted to buy Radiance Renewables

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Subscribe to enjoy similar stories. New Delhi: Thai energy firm Banpu Public Co. Ltd has joined the fray to acquire Eversource Capital-backed Radiance Renewables Pvt.

Ltd, two people aware of the development said, in a deal having an enterprise value of around $325 million. The Bangkok-headquartered firm has been shortlisted to make a binding offer for the 100% stake sale of Radiance; that puts it in competition with former US vice-president Al Gore headed Generation Investment Management’s Just Climate LLP, and Singapore’s CapitaLand Investment Ltd that have also been shortlisted for the second round, post submission of their non-binding offers (NBOs) in the sale process run by Rothschild & Co. “Banpu, Just Climate and CapitaLand have been shortlisted for the second round," said one of the two people cited above requesting anonymity.

Mint earlier reported about Just Climate LLP and CapitaLand Investment Ltd exploring an acquisition of Eversource Capital-backed Radiance Renewables, which operates in the commercial and industrial (C&I) segment. Radiance, which has an operating capacity of 350 MW C&I projects, is also backed by India’s quasi-sovereign wealth fund National Investment and Infrastructure Fund (NIIF) and the UK government’s Foreign, Commonwealth and Development Office (FCDO). The British International Investment Plc is owned by the FCDO.

Spokespersons for Rothschild & Co. and Just Climate declined comment. A CapitaLand Investment Ltd spokesperson in an emailed response said, “We regret we do not comment on market rumours or speculation." A spokesperson for British International Investment Plc in an emailed response said, “As a matter of company policy, we do not comment on market speculation." Radiance