India PV News Snippets: Engie, Bharti Airtel, Tata Power

EIYP Secures 74% Stake In 813 MW Engie’s Solar Portfolio; Bharti Airtel Invests In Avaada Energy’s SPV; Tata Power Gets 60 MW Project LOA From GUVNL
11:06 PM (Beijing Time) - 31. March 2021
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GUVNL has awarded a letter of award (LOA) to Tata Power for a 60 MW solar power project it won in January 2021 for which it will enter into a 25-year PPA with the company. Pictured is a 17 MW solar power plant of Tata Power Solar in Mithapur, Gujarat. (Photo Credit: Tata Power Solar Systems Ltd.)

Key Takeaways

  • EIYP has acquired 74% stake in Engie’s 813 MW operational solar PV portfolio in India
  • Bharti Airtel has increased its stake in a SPV owned by Avaada Energy Private Limited
  • Tata Power has secured LOA for a 60 MW solar project in Gujarat from GUVNL

Edelweiss completes 813 MW stake deal: Edelweiss Group has completed the acquisition of a 74% share in 813 MW operational solar PV capacity from France’s Engie for $550 million through Sekura Energy Limited, an investee company of Edelweiss Infrastructure Yield Plus (EIYP). EIYP said this partnership with Engie Group in India gives it access to a 2 GW pipeline of quality assets to be developed and constructed by the latter. In January 2020, Engie said it was going to give up this stake in the capacity to reduce its net debt by €400 million (see Engie To Give Up Majority Stake In Indian Solar Assets).

Avaada SPV gets Bharti Airtel investment: Avaada Energy Private Limited (AEPL) has sold a 3.33% stake in its special purpose vehicle (SPV) Avaada MHBuldhana to telecom group Bharti Airtel. The SPV was formed to own and operate a captive solar power plant in Maharashtra. In November 2020, Bharti Airtel acquired a 5.2% stake in the same SPV (see India PV Snippets: Airtel, AP, Textile, MNRE, Ind-Ra).

60 MW solar project in Gujarat: Tata Power has received a letter of award (LOA) from Gujarat Urja Vikas Nigam Limited (GUVNL) for a 60 MW solar project won by the company under a competitive procurement round in January 2021. Energy generated will be procured by GUVNL under a 25-year PPA once the project is commissioned within 18 months from the date of execution of the PPA. It is expected to generate 156 million units of clean energy annually.

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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Anu Bhambhani