RattanIndia sells solar power assets to GIP for Rs 1,670 cr

Leading infrastructure investor Global Infrastructure Partners (GIP) has bought the entire solar portfolio of RattanIndia Power Ltd (formerly India Bulls Power) for an enterprise value of about Rs 1,670 crore ($232 million).

RattanIndia Group has solar assets portfolio of 306 MW, consisting of ground mounted solar assets of 297 MW spread across Karnataka (Pavagada), Maharashtra (Katol), Rajasthan (Bhadla) and Uttar Pradesh (Allahabad and Bareilly) and 9 MW rooftop solar projects spread across 10 cities.

GIP entered the Indian market in 2018 when it acquired the infrastructure asset management business of multi-asset manager IDFC Alternatives Ltd. These included two funds -- the India Infrastructure Fund I and Fund II that invested about $1.4 billion across infrastructure and renewable energy sectors.

RattanIndia started operations in 2016 and commissioned the solar projects during 2017-18. The projects have 25-year power purchase agreements (PPAs), 95 per cent of which is with national procurers NTPC and Solar Energy Corporation of India (SECI). Average tariff of RattanIndia solar projects is Rs 4.50/kwh.

The company previously counted GE Energy Financial Services as one of the investors.

"This transaction demonstrates RattanIndia group's continued track record of developing high-quality infrastructure assets in the energy space and creating value for all stakeholders. This makes RattanIndia a partner of choice for high-quality international investors like GE and GIP." said Anjali Rattan Nashier, Chairperson of RattanIndia Solar.

GIP is one of the world's largest infrastructure investment managers with over US$51 billion of assets under management globally. Funds managed by GIP have investments with combined annual revenues of approximately $46 billion and more than 52,000 employees. Currently, GIP owns 26 GW of renewable energy generation projects across the world.