Gentari, Edelweiss, Actis vie for O2 Power solar projects
NEW DELHI : Three large bidders have entered the last lap for acquiring solar projects totalling 350 megawatts (MW) from O2 Power, promoted by Singapore’s Temasek and European alternative asset manager EQT, two people close to the development said. These include Gentari Sdn Bhd, a unit of Malaysia’s state-run oil and gas company Petroliam Nasional Bhd; Edelweiss Infrastructure Yield Plus Fund’s Sekura Energy Ltd; and private equity firm Actis Llp, the people said on condition of anonymity. The transaction, having an equity and enterprise value of $50 million and $200 million, respectively, is being managed by EY, with these three bidders shortlisted from around a dozen non-binding offers (NBOs) that were submitted.
Gentari, Edelweiss and Actis are actively scouting for opportunities in India’s green economy and are also in the race for buying 185MW solar projects from Finnish state-run power utility Fortum Oyj, as reported by Mint earlier. Actis, which invests only in emerging markets, has so far committed $2.1 billion to India. It is also vying for Macquarie Asset Management’s Green Investment Group (MAM-GIG) platform Vibrant Energy, for which India’s quasi-sovereign wealth fund National Investment and Infrastructure Fund Ltd is also in the race.
Actis now has its third clean energy firm BluPine Energy, in the space, after selling Sprng Energy and Ostro Energy to Shell Plc and ReNew Power Ventures Pvt. Ltd, respectively. An EY spokesperson declined to comment.
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