Azure sells rooftop photo voltaic enterprise for Rs 537 crore


The corporate’s remaining 4 GW have acquired a letter of the award however their energy buy agreements have but to be signed with the Photo voltaic Power Company of India (SECI).

Azure Energy International has signed a binding settlement to promote its photo voltaic rooftop portfolio to Radiance Renewables for Rs 536.5 crore. The corporate, which is listed on the New York Inventory Trade, expects to obtain the proceeds from the sale earlier than December 31, 2021.

Azure’s 167 megawatts (MW) rooftop photo voltaic capability consists of 151 MW of put in and 16 MW of under-construction initiatives. “This sale, the first-ever asset sale in Azure Energy’s historical past, illustrates the corporate’s dedication to capital self-discipline,” Ranjit Gupta, chief govt officer, Azure Energy mentioned. Out of Azure’s pan-India photo voltaic portfolio of 6.9 gigawatts (GW), 2 GW are operational and 0.9 GW are below development.

The corporate’s remaining 4 GW have acquired a letter of the award however their energy buy agreements have but to be signed with the Photo voltaic Power Company of India (SECI). Azure’s untied capability is part of the 12 GW initiatives awarded within the maiden public sale for the manufacturing-linked photo voltaic scheme, by means of which Adani Inexperienced Power will construct 8 GW era capability and Azure will develop 4 GW and provide energy at Rs 2.92/unit. As part of the deal, the 2 corporations may even construct 3 GW of photo voltaic manufacturing capacities within the nation (Adani 2 GW and Azure 1 GW).

Radiance, the client of Azure’s rooftop portfolio, is a 100% subsidiary of Inexperienced Development Fairness Fund which is managed by EverSource Capital. Radiance now manages an operational capability of 95 MW throughout Maharashtra, Tamil Nadu, Karnataka, Chhattisgarh, Telangana and Rajasthan and has near 40 MW of initiatives below development and one other 60 MW below growth.

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