The three companies eyeing Macquarie's Strides solar projects
NEW DELHI : Macquarie Group’s sale of 400 megawatts (MW) solar power projects of its Stride platform has drawn interest from three entities, with the potential deal likely to have an equity value of around $300 million, signalling continued interest in India’s green energy sector. According to two people familiar with the matter, Gentari Sdn Bhd, a subsidiary of Malaysia’s state-run Petronas; private equity firm Actis Llp; and Sekura Energy Ltd, backed by Edelweiss Infrastructure Yield Plus Fund, have shown interest in Stride. Bank of America Corp.
(BofA) is running the sale process, which was launched in October. “The NBOs (non-binding offers) for Stride’s assets are expected to be submitted shortly. Gentari, Actis and Edelweiss are evaluating the deal," one of the two people said on the condition of anonymity.
The Stride platform, or Stride Climate Investments, has more than /415MW of renewable assets in India. Macquarie, one of the largest foreign infrastructure investors in India, has also mandated JP Morgan to sell its Green Investment Group (GIG) platform, Vibrant Energy. The proposed deal may have an equity value of around $250 million.
Spokespersons for BoFA and Actis declined to comment. Queries emailed on 21 December to the spokespersons of Macquarie Group, Gentari, Petronas and Edelweiss remained unanswered till press time. India’s renewable energy space has witnessed considerable interest, with the sector receiving $6.14 billion of investments over the past three fiscal years till September this year, according to the Department for Promotion of Industry and Internal Trade (DPIIT).
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