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Orix to buy seven 874 MW wind energy plants of IL&FS

Power News - Published on Tue, 21 May 2019

Image Source: BloombergQuint
Economic Times reported that debt-ridden IL&FS said Japan's Orix Corporation, which owns 49% share each in its seven operating wind power plants, has expressed intent to buy the remaining stake in those assets. The seven wind power plants, in the form of special purpose vehicles and owned by IL&FS Wind Energy Limited are spread across 12 states with a total generation capacity of 874 MW. The group had initiated the process of the sale of controlling stake in the wind power plants in November last year by inviting expressions of interest.

The cash-strapped group had earlier said that Gail (India) Ltd had emerged as the highest bidder to acquire seven wind power plants, offering INR 4,800 crore for 100% of enterprise value with no hair cut to the debt of the SPVs, which is close to INR 3,700 crore.

Infrastructure Leasing and Financial Services said in a statement that "The intent to buy 51% stake is in exercise of Orix's right under the terms of an existing MoU wherein Orix can match the price offered by the highest bidder for purchasing IWEL's stake in the wind SPVs.”

The group expects deal to be closed by the end of June 2019.

The completion of sale of SPVs to Orix will be subject to meeting all compliances and approvals, including approval of the NCLT for the proposed resolution framework.

Source :

Posted By : Rabi Wangkhem on Tue, 21 May 2019
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