Macquarie Asia Infrastructure Fund has announced an agreement to acquire 330 MW of solar power plants in India from Hindustan Powerprojects.
The transaction value amounts US$600, US$250 million through equity and about US$350 million in the debt associated with the projects. Largely in the state of Gujarat, with 18 special purpose vehicles and operational since 2010, the solar portfolio will be owned 100% by the fund.
The deal will give Macquarie an entry into India’s renewable energy sector, which wants to create a renewable energy portfolio consisting of solar and wind projects in India and is simultaneously on the lookout for other assets. There is currently over 10GW of solar capacity and 32GW of wind capacity installed across the country.
Hindustan Powerprojects, formerly Moser Baer Projects Pvt. Ltd, operates about 600 MW of solar power capacity under subsidiary Hindustan Cleanenergy and led by its chairman Ratul Puri.
Macquarie is a leading owner and operator of infrastructure assets globally. Since starting its first infrastructure fund in India along with the State Bank of India in 2009, Macquarie has deployed about US$2 billion in India’s infrastructure sector.