Greenko Energy Holdings has completed the acquisition of SunEdison’s 587 MW Indian wind and solar projects for a cash payment of US$42 million and assumption of project-level debt of US$350 million (at an average interest rate of 11.3 percent). The enterprise value of the transaction is approximately US$392 million.
According to Mercom’s research, Greenko’s acquisition of SunEdison's India assets include 48 MW of wind projects, 214 MW of operational solar projects, 325 MW of solar projects in various stages of development and 900 MW of pre-construction projects in pipeline which it might choose to develop in the future.
The solar projects acquired from SunEdison include the entire operational portfolio in Tamil Nadu, Karnataka, Telangana, Andhra Pradesh and a 1 MW rooftop solar project in Uttar Pradesh.
Anil Chalamalasetty, Managing Director and chief executive officer, Greenko, said:
“The proposed acquisition of SunEdison’s India assets is expected to immediately accelerate capacity, revenue, EBITDA growth and drive overall earnings growth potential for Greenko and its stakeholders.”