Adani eyeing bid for SunEdison solar assets

MUMBAI(REUTERS):Indian conglomerate Adani Group is considering a bid for the local solar assets of U.S. SunEdison, the chief executive officer for Adani’s renewable energy arm said.

Indian workers unload lime stone powder bags in front of solar panels at the Gujarat Solar Park at Charanka in Patan district, about 250 kilometers (155 miles) from Ahmadabad, India, Saturday, April 14, 2012. Gujarat state Chief Minister Narendra Modi will dedicate the 200 megawatt solar power park, along with other solar projects totaling 600 megawatts of power on April 19. (AP Photo/Ajit Solanki)

Jayant Parimal, Adani Green Energy Ltd’s CEO, said that his company was deciding whether to bid after investment bankers appointed by the U.S. firm approached it to gauge interest.

SunEdison filed for bankruptcy in April after an ambitious growth plan and $12 billion in debts proved unsustainable.

That has cast doubt over its ability to take advantage of India’s push into renewable energy, and analysts predict that SunEdison will sell a number of local solar and wind assets or seek equity partners for projects to raise capital.SunEdison runs solar plants in India with capacities of about 450 megawatts (MW).

It has another 800 MW of capacity under development and won a tender for a 500 MW plant in the southeastern state of Andhra Pradesh.It is not immediately clear how much a bid for its solar assets

Posted by on June 12, 2016. Filed under Economy. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.