Edelweiss Infra fund eyes exit from solar asset venture with Engie
Edelweiss Infrastructure Yield Plus (EIYP), a fund managed by the Edelweiss Group, is planning to sell its entire 74% stake in the 1.2 GW
solar platform
it co-owns with French utility
Engie
and has mandated
Standard Chartered Bank
to run the sale process, according to people with knowledge of the matter.
The bank has approached several potential buyers, including state-run energy firms, and has held preliminary talks for the proposed
stake sale
, the people said. EIYP, Engie and Standard Chartered declined to comment on the development.
EIYP had acquired the 74% stake from Engie in 2021 for a reported $550 million. The deal gave EIYP and its portfolio company Sekura Energy a stake in 12 Engie solar assets totalling 813 MW of operational capacity, along with access to a 2 GW pipeline Engie was to develop, build and operate. At the time, Engie said the transaction would reduce its net debt by $400 million.
It's unclear why EIYP is exiting the joint venture before the full 2 GW pipeline has come online. The portfolio has expanded to just 1.2 GW from 813 MW at the time of the deal and is likely to be valued at less than $1 billion.
"This investment is in line with EIYP's strategy to generate regular yield and create value for its investors by taking controlling stakes in quality operating infrastructure assets with strong cash flows," EIYP said when announcing the deal four years ago.
An increasing number of renewable energy projects are seeking buyers, although investor interest is weaker now than it was in the last financial year, when some major deals took place.
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