Renewable energy developer and infrastructure investor Equis Energy is looking to sell its entire India portfolio after a strategic review of its renewable energy portfolio in Asia.
The portfolio is made of two green energy platform, Energon and Energon Soleq, which amounts to almost a gigawatt of wind and solar energy installations.
Energon has 414 megawatts of operating assets which focus on wind power projects, while Energon Soleq works in the solar sector and is developing projects totaling 260 megawatts in Telangana and Karnataka.
Besides, Equis Energy has another 300 megawatts of capacity under development which is also up for sale.
“Equis Fund has put up Energon and Energon Soleq for sale. It is seeing a lot of interest. The exercise is underway as part of their Asia portfolio strategy with them planning to run an auction process,” said a source from Livemint who requested anonymity.
Another source confirmed the development and also adds that there are several firms who expressed interest in Equis’ assets.
The plan to sell is a result of the growing consolidation in India’s green energy sector as well as the declining energy tariffs which bring a concern to the uphold of electricity offtake commitments.
Established in 2012, Equis Energy has 4.7 gigawatts of renewable energy generation assets across Asia-Pacific, with an additional 6.3 gigawatts under development in Australia, India, Indonesia, Japan, the Philippines, Taiwan, and Thailand.
The clean energy firm has earlier appointed Credit Suisse (Singapore) Limited and JP Morgan (SEA) Limited to conduct its strategic review, with a particular focus on its renewable energy portfolio in mid-April.
David Russell, the board chairman of Equis said, “Equis is considering a restructuring of its entire renewable energy business with long-term investors looking to support management’s growth strategy. The process involves a 100% restructuring of Equis Energy.”