January 24 (Renewables Now) - French utility Engie SA (EPA:ENGI) has agreed to unload a 74% stake in an 813-MWp portfolio of solar assets in India to Edelweiss Infrastructure Yield Plus Fund (EIYP).
The French company will sell a majority stake in 12 solar photovoltaic (PV) plants to the alternative investment fund managed by Edelweiss Alternative Asset Advisors Ltd and its portfolio company Sekura Energy. The move will allow it to cut its net debt by more than EUR 400 million (USD 441.9m), it said on Wednesday without giving specific financial details about the deal.
The transaction is expected to be completed within the first half of this year. Engie noted that this deal marks the beginning of “an ambitious partnership” with EIYP that aims to expand a growing solar platform.“This transaction allows us to accelerate the implementation of our strategic model in renewables, and to free up capital to keep up investing in the very dynamic Indian solar market,” said Paulo Almirante, Engie’s executive vice-president and chief operating officer.
According to the statement, Engie’s wind and solar portfolio in India exceeds 1.5 GW.
(EUR 1.0 = USD 1.105)