Adani Group is believed to be in talks with the US-based renewable energy major SunEdison to acquire the latter’s Indian assets.Led by billionaire Gautam Adani, Adani Group has been approached by the bankers appointed by SunEdison for sale of its Indian assets and the Group is still analysing the offer, people in know of the developments said.Adani Group has asked the bankers to inform it on whether SunEdison is also putting on the block solar power projects that it has, they added.
When contacted, an Adani Group spokesperson declined to comment on market speculation.Calls and email sent to SunEdison media representative did not elicit any response.Sources said the debt-heavy SunEdison is looking at selling some of its assets in India to pare debt.The firm is reported to have a debt of around USD 12 billion. It has also delayed the filing of its 2015 annual report in the US.In February, SunEdison said it has built more than 470 MW of renewable energy in India so far, while it has commissioned 146 MW of solar power projects in Tamil Nadu, Andhra Pradesh and Telangana. The firm has plans to develop more than 1,500 MW solar and wind energy plants over the next 18 months.
In November last year, SunEdison won a bid to sell solar power from a 500 megawatt plant in Andhra Pradesh under the Jawaharlal Nehru National Solar Mission at Rs 4.63 per kilowatt-hour (kwh or unit).The world’s biggest developer of renewable energy power plants had bid at Rs 4.63 per unit. It had offered a tariff lower than SoftBank Group Corp of Japan and Chinese solar product maker Trina Solar Ltd in the auction.Interestingly during the Vibrant Gujarat Summit last year, Adani Enterprises and SunEdison decided to establish a JV to invest about Rs 25,000 crore for setting up a solar park in the state and to build India’s largest vertically integrated solar photovoltaic manufacturing facility.
However, the project is still to take off.