April 23 (Renewables Now) - GAIL (India) Ltd (BOM:532155) has made the highest bid in the competitive process to buy an 874-MW wind farm portfolio in India from IL&FS Group.
GAIL has made an offer of around INR 48 billion (USD 688m/EUR 612m), including the repayment of INR 37 billion in debt. Its proposal was unanimously approved by the committee of creditors of IL&FS Wind Energy Limited (IWEL), which owns the majority of the portfolio.
ORIX Japan is the owner of the remaining shares in the special purpose vehicles (SPVs) that hold the seven wind farms within the portfolio. IL&FS said in a statement that it is currently holding talks with ORIX Japan regarding the transaction.
Completion is expected in three weeks, according to the announcement.
The sale process was initiated in late November 2018, when IL&FS said it was looking to sell controlling stakes in the above-mentioned operating wind park portfolio as well as 104 MW of under-construction wind farms and businesses that offer asset management and project development services. Also, it sought to sell stakes in the business engaged in the development of solar projects, including 300 MW of photovoltaic (PV) schemes.
(INR 10 = USD 0.143/EUR 0.127)