Engie has appointed Rothschild as financial adviser for a partial equity sale in its Indian solar business. Rothschild has confirmed the appointment in the search of a potential partner for long-term growth in the solar business of Engie.
The plan to sell its stakes comes at a time when financing at the lowest cost has become key to success, given the record low tariffs. India had achieved solar power tariffs of ₹2.44 (UD$0.034) per unit in May 2017. Earlier this month, it again touched ₹2.44 per unit in an auction conducted by state-run Solar Energy Corp. of India.
Engie has an 810 megawatt (MW) solar portfolio through its subsidiary Solairedirect. It also has a wind power generation capacity of 80 MW. The company plans to set up two gigawatts (GW) capacity in India by 2019.
The project has been commissioned. It was completed in line with the power purchase agreement (PPA) time schedule
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