Greenko is in process of buying a chunk of Teesta Stage III in Sikkim in a multi-phased transaction, said sources.
The transaction will further bulk up the operating renewable portfolio of Greenko, backed by Singapore’s GIC and Abu Dhabi Investment Authority, to 6.2 gigawatts and give a much-needed exit to the project’s original financiers — a group of marquee PE investors who have been stuck for almost a decade after putting in $425 million to finance this high-profile venture in 2010.
To start with, Greenko will buy a 40 per cent stake in Teesta Urja Ltd (TUL) for $200-250 million (Rs 1,400-1,750 crore) from Singapore-based Asian Genco Pte Ltd. Greenko has already applied for sanctions from the Competition Commission of India, further the officials.
The Government of Sikkim owns the enduring 60 per cent in TUL, after having to take it over to ensure completion of the project that got embroiled in a series of issues ranging from clashes between founder-promoter Vijaykumar TV and his investors that led to prolonged arbitrations, to regulatory and infrastructure logjams, environmental activism and even an earthquake.
“The state government had taken a Rs 3,000 crore leverage for project completion and its stated position has been to dilute (the stake) over a period of time. Greenko is a long-term asset developer and as a policy does not take minority interests in projects or companies. A phased takeover will therefore be inevitable,” said an official.
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