The sun is finally setting on SunEdison in India. The US company that started the solar power frenzy around the world and especially in India with super high growth projections and super low tariff bids for new projects before it went belly up earlier this year and filed for bankruptcy, is all set to sell its entire Indian portfolio to Greenko, said multiple sources aware of the development. Hyderabad-headquartered Greenko Energy Holdings, the hottest Indian green energy company among global investors, has piped UK private equity Actis-backed renewable platform Ostro Energy to strike the deal after months of negotiations, they said. Greenko is acquiring SunEdison´s operating 390 MW solar portfolio and 48 MW of wind parks for an enterprise valuation of $315 million, in what would be the biggest distress sale of all time in the sector. This includes an equity value of $30 million and around $280 million of debt, as sources involved directly in the ongoing negotiations.
Contact: Greenko Group
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