(ET)
French energy company Engie has agreed to sell 74 per cent stake in its solar business in India to Edelweiss Infrastructure Yield Plus, an alternative investment fund of financial services firm Edelweiss Group. EIYP and Sekura Energy Ltd, a portfolio company of EIYP, will pick up stake in 13 solar assets of Engie aggregating 813 MW, the French company said in a release on Thursday.It did not reveal the deal size but said it “will allow Engie to reduce its debt by more than €400 million”.It said the transaction is expected to be completed, “subject to the usual conditions associated with this type of operation”, in the first half of 2020.
This is the first time Engie, which owned 100 per cent of its assets until now, is entering into a strategic partnership in India.Engie also has around 700 MW of wind assets in the country across Tamil Nadu, Gujarat, Punjab and Rajasthan among other states.
