GIP has purchased 297MW of solar projects located across Karnataka, Maharashtra, Rajasthan, and Uttar Pradesh


RattanIndia sold 306MW of solar projects. (Credit: PublicDomainPictures from Pixabay)

RattanIndia Group has reportedly divested 306MW of solar projects in India to US-based infrastructure investment fund Global Infrastructure Partners (GIP), in a deal worth Rs16.7bn ($232m).

As per the terms of the deal, GIP has acquired 297MW of solar assets across Karnataka, Maharashtra, Rajasthan, and Uttar Pradesh.

The investment fund also purchased 9MW of rooftop solar projects, spread across ten cities in the country, reported Financial Express.

Most of the power generated by the solar projects are sold to nationalised companies including NTPC and Solar Energy Corporation of India Limited (SECI) under 25-year power purchase agreements.

RattanIndia Solar chairperson Anjali Rattan Nashier said: “This transaction demonstrates 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.”

RattanIndia now operates two thermal power plants

With the completion of the deal, RattanIndia now operates two power plants including the 1,350MW Amaravati thermal power plant and the 1,350MW Nashik thermal power plant, according to Business Standard.

In another development, India’s solar panel manufacturer WAAREE Energies has been selected to supply more than 300MW of solar panels from an undisclosed client.

Under the contract, WAAREE will deliver 385, 390 Wp Mono PERC Solar photovoltaic modules to a solar facility in California, which is due to be commissioned in the second or third quarter of next year.

WAAREE Energies sales and marketing director Sunil Rathi said: “This order is in line with Government of India’s vision of Atmanirbhar Bharat, and shows the capabilities of Indian manufacturers to compete in the global market.”