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PTC India wind power sale attracts Hero, Macquarie, CLP

Power News - Published on Mon, 14 Jan 2019

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Live Mint quoted two people aware of the development as saying that Indian arm of CLP Holdings Ltd, Macquarie Infrastructure and Real Assets and Hero Future Energies are among the companies that are interested in acquiring PTC India Ltd’s wind power business that may be valued at around INR 2,000 crore.

People said, requesting anonymity that KPMG has been hired to manage the sale of PTC Energy’s 290 MW of wind power assets across Madhya Pradesh, Karnataka, and Andhra Pradesh. There has been considerable interest in the asset, given its size.

The Indian renewable energy space is witnessing growing consolidation, amid falling tariffs and the capital intensive nature of the business, particularly in the initial stage, making availability of low-cost funds critical for the success of a project.

Wind power tariffs plummeted to INR 2.43 per kilowatt-hour (kWh) at an auction conducted by state-run Gujarat Urja Vikas Nigam Ltd in December 2017.

A PTC India spokesperson said in an emailed that “KPMG is advising PTC for finding a suitable strategic investor for participation in its subsidiary PTC Energy Ltd’s business. At this point of time, we will not be able to comment beyond this.”

CLP India Pvt. Ltd’s interest in PTC’s wind assets follows Canada’s second largest pension fund CDPQ buying a 40% stake in it for HK$2.9 billion (about USD 370 million). With 1,000MW, CLP India, the local arm of the Hong Kong-listed company, has one of the largest wind power portfolios in the country. It also has an installed capacity of 2,000MW from coal, gas, and solar projects. Mint reported on 19 January 2018 about CDPQ’s interest in acquiring a stake in CLP India.

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Posted By : Rabi Wangkhem on Mon, 14 Jan 2019
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