Greenko to buy SunEdisons Indian assets for $315 million – Feedback

The U.S. based SunEdison, Inc., the largest global renewable energy development company, has agreed to sell its Indian portfolio to Hyderabad based Greenko Energy Holdings for $315 million. UK’s private equity company Actis Capital backed renewable platform Ostro Energy Private Limited has supported Greenko to get through this deal.

SunEdison had created quite a stir when it introduced its new projects in India in 2014 with huge profit predictions and low tariff bids. However, in April 2016, SunEdison filed for bankruptcy under Chapter 11 in the U.S. Two months later, it hired Rothschild Inc. and McKinsey Recovery & Transformation Services U.S., LLC as advisors for the restructuring process. This deal, which includes acquisition of SunEdison’s 390MW operational solar park and 48MW of wind parks, is being referred to as the biggest distress sale of all times in the renewable energy sector in India. Greenko also gets the hold of 800MW pipeline at absolutely no additional expenditure. It is believed that $315 million deal includes $30 million equity value and $280 million debt.

http://www.dealcurry.com/20160919-Greenko-to-buy-SunEdisons-Indian-assets-for-315-million.htm

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