Mahindra Susten, the renewable business arm of Mahindra Group, is in the process of selling 160 MW solar assets. The company has received interest from two potential buyers, CLP India and the Piramal Group.
In April 2019, the Mahindra Group had appointed investment bank Avendus to seek buyers for a part of its solar portfolio. The sale process could fetch a valuation of over Rs 1,000 crore. Mahindra Susten’s business model is to build and sell assets.
The company will use the sale proceeds to develop its pipeline of around one GW. Mahindra Susten offers diversified services within the renewable energy and cleantech space such as turnkey solar engineering, procurement and construction services, for utility-scale solar and rooftop solar products, solar car charging stations, telecom tower solarization, operations and maintenance.
In May 2019, CLP India was engaged in talks to acquire Morgan Stanley Infrastructure Partners-owned Continuum Wind Energy. Continuum Wind Energy has more than 700 MW operational wind assets and a pipeline of almost 1,700 MW.
CLP’s India portfolio includes renewable and conventional energy amounting to over 3,000 MW. CLP India’s sixteen wind energy projects and three solar energy projects span across seven states. The company also owns a coal-fired power plant in Haryana and a gas-based combined cycle power plant in Gujarat.
