Edelweiss front runner to buy O2 Power’s 350 MW solar projects
New Delhi: Sekura Energy, an energy sector-focused platform of Edelweiss Infrastructure Yield Plus Fund, is the front-runner to buy solar projects totalling 350 megawatts (MW) from O2 Power, two people aware of the development said. The deal is likely to have an equity and enterprise value of $50 million and $200 million, respectively, the people said. The sale process is being run by EY.
Mint had earlier reported that Edelweiss, Actis Llp, and Gentari Sdn Bhd—a unit of Malaysia’s state-run oil and gas company Petronas--were shortlisted from a dozen non-binding offers (NBOs) that were submitted. O2 Power is a renewable energy platform in India promoted by Singapore’s Temasek (with 49% stake) and European alternative asset manager EQT (51%). Founded by former ReNew Power executives Parag Sharma, Peeyush Mohit, Rakesh Garg and Nimish Agrwal, O2 Power is targeting a portfolio of around 5 GW and has already created a 4-GW portfolio.
EQT and Temasek have invested $500 million in the company. Edelweiss Infrastructure Yield Plus, the alternative investment fund managed by Edelweiss Alternatives, invests in operating assets across sectors, including roads, renewables and transmission. It has been active in the green energy space, and in 2021 acquired 74% stake in the solar portfolio of the Engie Group in India with 813 MW of operating capacity.
The spokespersons of Edelweiss Alternatives, EY and Actis Llp declined comment. Queries emailed to the spokespersons of O2 Power and Gentari Sdn Bhd remained unanswered till press time. Edelweiss Infrastructure Yield Plus is also interested in Macquarie Group’s sale of 400 MW solar power projects of its Stride platform with the potential deal having an equity value of around $300 million,
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