Stonepeak fourth shortlisted bidder to buy O2 Power in $1 billion deal
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Subscribe to enjoy similar stories. New Delhi: New York-based alternative investment firm Stonepeak has emerged as the fourth shortlisted bidder to submit a binding offer to buy O2 Power, a renewable energy platform in India. The deal, which may rank among the largest green energy transactions in the country, is expected to have an equity value of around $1 billion and an enterprise value around $2.3 billion, said two people aware of the development.
Mint reported on 11 September that I Squared Capital, JSW Group’s JSW Neo Energy, and Macquarie Group had been shortlisted bidders to buy O2 Power. Talks are also on with Stonepeak to submit a binding offer. “Stonepeak has been informed that they have been shortlisted from among the bidders that submitted NBOs," said one of the two people cited above requesting anonymity.
With $71.2 billion of assets under management Stonepeak focusses on infrastructure and real assets. Seven bidders–I Squared Capital, JSW Neo Energy, Macquarie Group, Stonepeak, Edelweiss Alternative Asset Advisors' Sekura Energy, Actis Llp, and Singapore’s Sembcorp Industries Ltd–had submitted their non-binding offers in the sale process run by Barclays to buy O2 Power. European alternative asset manager EQT and Singapore’s Temasek-own hold 51% and 49%, respectively in O2 Power.
They have invested $500 million in the company, which was founded by former ReNew Power executives Parag Sharma, Peeyush Mohit, and Rakesh Garg. O2 Power is targeting a portfolio of around 5 gigawatts (GW) and has already created a 4-GW portfolio. Spokespersons for Stonepeak, Barclays, Macquarie Group, and O2 Power chief operating officer Peeyush Mohit declined to comment.
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