Yinson to take over 140 MW solar portfolio in Rajasthan

Yinson Holdings Berhad has entered into an agreement to acquire an additional 57.5% equity interest in Rising Sun Energy Private Limited (RSE), an India-incorporated company with two operational solar plants in the Bhadla Solar Park, Rajasthan, India.

Yinson will pay INR1.1 billion (US$14.7 million) for the stake, subject to completion conditions. Upon completion of the transaction, Yinson will hold a controlling stake of 95%, bringing the Group’s total investment in RSE to approximately INR2.3 billion (US$30.9 million). Accordingly, Yinson will consolidate RSE as a subsidiary in its financial statements.

Yinson had acquired a 37.5% stake in RSE in March 2020, a transaction that marked the Group’s entry into the renewables market.

The two adjoining solar plants, which started operating in 2017, have a combined generation capacity of 140 MW (AC rated). They have 25-year Power Purchase Agreements, which expire in 2042, signed with NTPC Limited – India’s largest power utility, majority-owned by the Government of India.