RattanIndia Group trades solar assets to GIP at Rs 1,670 crore

RattanIndia Group had solar assets portfolio of 306 MW, comprising 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, a company declaration believed

September 03, 2020. By News Bureau

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RattanIndia Group has announced that it has traded its solar plants with a collective capacity of 306 MW to Global Infrastructure Partners (GIP) for around Rs 1,670 crore. GIP is one of the world's largest infrastructure investment managers with over $51 billion of assets under management worldwide.

RattanIndia Group had solar assets portfolio of 306 MW, comprising 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, a company declaration believed.

The company started operations in 2016 and commissioned the projects during 2017-18.

The projects have 25 years Power Purchase Agreements (PPAs) and 95 per cent of which is with national procurers the NTPC and Solar Energy Corporation of India (SECI).

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

The average tariff of RattanIndia solar projects is Rs 4.50 per unit.

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

Funds managed by GIP have investments with collective annual revenues of almost $46 billion and more than 52,000 employees.

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