Kiran Energy, one of the leading and pioneering solar energy IPP (Independent Power Producer) in India has been acquired 100% by Hinduja Group, a diversified conglomerate with business interests across automobiles, financial services, engineering, international trading, healthcare, real estate, media and infrastructure.
Yes Securities’ Sustainable Investment Banking Team (SIB) acted as the exclusive advisor to the transaction. Kiran Energy operates solar power plants in Rajasthan, Gujarat and Maharashtra. Kiran Energy has operating solar plants with a capacity of 85 MW and has been a leader for solar energy in India both in terms of technologically advanced power plants and best in class project financing.
Kiran Energy power plants have been awarded for best plant load factors, the Company has been adjudged the best Solar Power Producer by IPPAI and recently in 2018, as the best solar power technical team. The company is promoted by Ardeshir Contractor, a first-generation entrepreneur and technocrat, along with a team of co-founders and backed by leading Private Equity investors viz. Bessemer Venture Partners, GKFF (Argonaut capital) and Rivendell PE (New Silk Route).
In 2010, Mahindra & Mahindra joint-ventured with the Kiran Energy group to jointly build three solar power plants and in 2013, First Solar Inc, USA, invested a minority stake in three of Kiran Energy solar power plants.
Nishith Desai Associates and AZB & Partners acted as the legal advisor to Kiran Energy and Crawford Bayley & Co. acted as the legal advisor to Hinduja Group for the transaction.
Ardeshir Contractor, MD of Kiran Energy, commented: “Kiran Energy always held the conviction that solar energy would evolve as a mainstream energy source for India. Over the last 7 years, it has been a tremendous experience to be at the forefront of this evolution. We are extremely pleased with our agreement with Hinduja Power and look forward to witnessing the growth of the business to new heights. We are very satisfied about the collaboration with Yes Securities’ Sustainable Investment Banking (SIB) team, which was able to find the right match for the assets, and made the whole process quite smooth for us”
Yes Securities’ Sustainable Investment Banking (SIB) team acted as the exclusive advisor for this transaction. Speaking on this occasion, Mr. Vikas Dawra, Group President & Global Head, Investment Banking said, “Yes Securities, a wholly owned subsidiary of YES Bank has deep rooted understanding and expertise in the renewable energy space and is privileged to have associated with Kiran Energy. Kiran is one of the very first solar platform in India and assisting it in finding favorable exit to the existing investors gives us a lot of satisfaction and happiness. With this transaction SIB has established its credentials as the No. 1 renewable energy M&A advisor in the country by volume.”
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