Stonepeak, I Squared, Actis, 4 others submit bids for O2 Power in $1 bn deal

livemint.com:

Mint earlier reported about Macquarie Group, JSW Neo Energy, and Actis Llp signing NDAs to buy O2 Power. Barclays is running the sale process for the deal having an equity and enterprise value of around $1 billion and $2.3 billion respectively. The next stage involves shortlisting the NBOs to give selected bidders full data room access, after which the binding bids will be submitted.

The deadline for submitting of binding offers is 19 October. “The ones whose NBOs have been shortlisted will be informed shortly to take them to the next stage. The binding offers are expected by 19 October, post which exclusivity will be given to the successful bidder.

It will then take some time for the documentation and condition precedents (CPs) to be met. By January end, the deal may be completed," said one of the two people cited above, requesting anonymity. European alternative asset manager EQT and Singapore’s Temasek hold 51% stake and 49% stake respectively in O2 Power, and have invested $500 million in O2 Power founded by former ReNew Power executives Parag Sharma, Peeyush Mohit, and Rakesh Garg.

O2 Power is targeting a portfolio of around 5 GW and has already created a 4-GW portfolio. O2 Power chief operating officer Peeyush Mohit and a Barclays spokesperson declined comment. A Temasek spokesperson in an emailed response said, “As a matter of policy, Temasek does not comment on market speculation.

We thus decline to comment." Spokespersons for Stonepeak, Macquarie Group, Edelweiss Alternatives and JSW Group also declined comment. Queries emailed to the spokespersons of EQT, I Squared Capital, Actis Llp, and Sembcorp on Friday evening remained unanswered till press time. There is sustained investor interest in India's green energy