Lanco Infratech to sell assets to reduce debt
Lanco Infratech has announced plans to raise Rs200 billion (US$3.3 billion) by selling power plants with a total capacity of 3,000 MW.
The firm will use the funds from the sales to reduce debt, which stands at around Rs380 billion (US$5.93 billion). The firm expects to raise Rs50 billion of cash and help lessen Rs150 billion in debt.
Lanco Infratech has appointed, among others, Macquarie, SBI Capital Markets, Edelweiss, ICICI Securities and EY for the sale of assets from its power generation portfolio.
The firm's portfolio has a total capacity of 17,200 MW:
- 3,600 MW of operating assets,
- 4,600 MW of assets under construction and
- 9.000 MW of assets under development
Several firms like the Adani group, JSW, TATA group and Reliance Power, and Power Tech have initiated due diligence of the assets.
Last week we reported that Adani Power had acquired Lanco Infratech’s 1,200 MW Udupi thermal power plant located at Mangalore Port, Karnataka, India. The transaction had a total value of Rs60 billion (US$992.4 million).
The 1,200 MW plant is the first independent power project (IPP) in the country based on 100% import coal with a captive jetty of four million tonnes per annum and an external coal handling system in the new Mangalore Port Trust.
Country news
-
-
September 05, 2014
Azure solar plant in Rajasthan gets $14.3 m IFC loan
The International Finance Corporation (IFC), the private sector investment arm of the World Bank, will finance US$14.3 million for a 40-MW solar power plant project in Rajasthan, India. Read more -
September 15, 2014
IFC provides $50 million to Continuum Wind’s project in India
IFC, a member of the World Bank Group, will lend US$50 million to two wholly-owned subsidiaries of Continuum Wind Energy (India) Private Limited to expand access to clean energy, and help reduce greenhouse gas emissions. Read more -
September 23, 2014
IFC considers financing 100MW solar project in Rajashtan
The International Finance Corporation (IFC), the private sector lending arm of the World Bank, is considering financing a 100 MW solar project in Rajashtan, India. Read more -
September 30, 2014
JSW Energy to acquire three power plants in India
JSW Energy Limited (JSW) and Jaiprakash Power Ventures Limited (JPVL), announced on September 26th the signing of a binding Memorandum of Understanding (MoU), for the 100% acquisition by JSW of three operational plants of JPVL. Read more -
October 07, 2014
India plans first offshore wind power project
The Indian Government has signed memorandum of understanding (MoU) with a group of public and private companies to develop an offshore wind farm in the coast of Gujarat. Read more
