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Essel Infra's Solar IPP gets Rs900-cr funding from Piramal Enterprises, APG

Essel Infrastructure's Solar IPP platform has received investment offers worth Rs900 crore ($132 million) from Piramal Enterprises Limited's Structured Investment Group and

Dutch pension fund asset manager APG Asset Management.

As part of the transaction, Piramal Enterprises Limited (PEL) and APG Asset Management (APG) will jointly invest Rs900 crore ($132 million) in Essel Green Energy Private Ltd, the solar platform vehicle of Essel Infraprojects Ltd.

Essel Green Energy Private Ltd currently owns 160 MWs of Solar IPP assets in four states of India, of which, 110 MW is operational and 50 MW is currently under execution. Ernst and Young India was the financial advisor to the Essel Group for the transaction.

Essel Infraprojects Limited (EIL) an enterprise of Subash Chandra-led Essel Group, plans to ramp up its solar power capacity to 1,000 MW in the next 2-3 years. Essel Green Energy has been one of the pioneers in the solar sector in India with the first 50 MW project in Uttar Pradesh to its credit.

 

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