Key Points
New Delhi: A consortium comprising the World Banks International Finance Corp (IFC), Asian Development Bank (ADB), and Beijing-headquartered Asian Infrastructure Investment Bank (AIIB) is looking to invest around $250 million in renewable energy firm Fourth Partner Energy Pvt..
The deal involves the sale of private equity firm TPG Capitals 52% stake in the company, and a fresh equity investment of around $500 million, in a transaction run by Bank of America and Investec..
Fourth Partner Energy, which counts TPG Capitals RISE Fund and Norways Norfund as investors, has a current installed green energy capacity of 1.35 gigawatt (GW), with operations in Vietnam, Bangladesh, Sri Lanka and Indonesia; and plans to reach an installed capacity of 3.5GW by 2025..
Indias C&I segment has attracted strong investor interest, with a number of deals in the works given the regulatory landscape being supportive of the space with rules allowing large power users to source energy from the open market rather than the costlier grid..
There also other large deals in play including Actis Llps BluPine Energy, Singapores Sembcorp Industries Ltd, Edelweiss Infrastructure Yield Plus Funds Sekura Energy, Torrent Power and JSW Group exploring to buy Brookfield Renewables 1.6 gigawatt (GW) portfolio in India, with the deal expected to have an equity value of around $800 million..
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