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Renewable energy company SunEdison is in talks with IL&FS Energy Development Company to takeover the latter’s wind assets. Sources on both sides of the deal have confirmed the talks, but have said that no decision has been taken as yet.
The American company, which is the largest foreign investor in the Indian solar energy space, was in news recently, when it announced its takeover of 400-odd MW of wind capacity of the Mumbai-based Continuum Wind Energy.
IL&FS Energy has about 800 MW of wind assets and SunEdison is keen on buying it, a source in IL&FS Energy said.
SunEdison’s interest in those wind assets has come at a time when IL&FS Energy has been trying to put its assets in a ‘Business Trust’ and divest via a listing in Singapore. (Business Trusts are unincorporated ‘special purpose vehicles’ that own operating, income generating assets.)
SunEdison has declared its intention to grow in the Indian renewable energy sector in a big way — in February, it said it would build 25,000 MW of wind and solar assets by 2022.
The company has also tied-up with the Adani Group to set up a manufacturing unit that will produce solar modules right from the basic raw materials, silicon.
Industry experts note that M&A activity is picking up in the wind energy sector, with a lot of assets changing hands.
In April, Rajalakshmi Renewables, part of a group predominantly into education, bought 63 MW of wind assets from truck maker Ashok Leyland, for ₹174 crore.
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