Torrent Power is to acquire vector Green energy, a US-based Global Infrastructure Partners 700 MW clean electricity platform for India – according to multiple people who are aware of the development.
The deal is estimated to be worth around Rs 5,000 crore. The Ahmedabad-based utility group has outperformed all other contenders in this race. JSW Energy, Apraava Energy, formerly CLP India, and Singapore’s Sembcorp were the names mentioned earlier.
If Torrent wins the deal, it will be the largest power sector buyout of the Ahmedabad-based utilities company.
Torrent’s installed power generation capacity is 4.16 GW. Of this, 1.06 GW of it is renewable.
Mint reported that Standard Chartered by GIP was appointed to sell Vector Green Energy. The appointment came after the Andhra Pradesh High Court directed the state government to reopen contracts with the N Chandrababu Naidu government. The decision was in favor of developers of renewable energy. According to one of the two people, “There are not big green energy platforms left or large assets left.” One of the two individuals, who requested anonymity, said that there was an increase in investor interest.
Vector Green’s portfolio includes 19 utility-scale projects in eight states, 89 rooftop solar PV projects in seven states and another 90 MW of solar projects are under implementation in Gujarat.