Greenko eyes $1bn Sun Edison assets – Feedback

Greenko Energy is close to snapping up the Indian assets of the tottering renewables giant Sun Edison in a deal worth about $1 billion, people familiar with the matter said. Hyderabad-based Greenko will be supported by its existing shareholders GIC of Singapore and Abu Dhabi Investment Authority in acquiring the 1000-MW solar assets, which are in various stages of execution.

Cash-strapped Sun Edison filed for bankruptcy protection in the US in March, saying its liabilities were $16.1 billion while it had assets worth $20.7 billion and sought protection to restructure debt. The lenders who have assumed charge at the firm have appointed Rothschild to find suitors for the Indian assets. The acquisition of Sun Edison’s assets will be the most ambitious move by Greenko, which carried a $2-billion enterprise valuation during a fund raise from Abu Dhabi earlier this year. Sun Edison also owns patented technology to make polysilocon wafers, the raw material used to make solar modules. Sun Edison claims that the technology helps cut cost by nearly 30%. Bankers are selling this technology piece in a separate deal, for which sovereign wealth funds and Chinese acquirers are in the fray.

About news

We take care of publishing the latest investment news and highlights for Feedback

Leave a Reply

Your email address will not be published. Required fields are marked *