RattanIndia Group sells its solar assets to GIP

RattanIndia Group sells its solar assets to GIP

In a deal worth INR 1,670 crore, RattanIndia Group, has sold its entire solar power capacity of 306 MW to Global Infrastructure Partners (GIP).


Formerly named as India Bulls Power, the RattanIndia Group is a USD 1 billion (INR 6500 crore) net worth business conglomerate with business interests in power generation, cement, and mining.

As per the announcement made by RattanIndia Group, it has sold its combined capacity of 306 MW solar plant units for about INR 1,670 crore, to Global Infrastructure Partners (GIP).

GIP, with over USD 51 billion of assets under management globally, is one of the largest infrastructure investment managers in the world

The RatanIndia Group that started operation in 2016 and commissioned the projects in 2017-18 had a solar assets portfolio of 306 MW.

This 306MW of the solar portfolio comprised of 297 MW of ground-mounted solar assets spread across Karnataka (Pavagada), Maharashtra (Katol), Rajasthan (Bhadla) and Uttar Pradesh (Allahabad and Bareilly) while 9 MW of rooftop solar asset that was spread across 10 cities, according to the company statement.

The projects have 25 years of Power Purchase Agreements (PPAs), 95 percent of which are with NTPC and SECI, the national procurers. The solar projects have an average tariff of INR 4.50 per unit.

Anjali Rattan Nashier, Chairperson of RattanIndia Solar stated that, “This transaction demonstrates RattanIndia group’s continued track record of developing high-quality infrastructure assets in energy space and creating value for all stakeholders. This makes RattanIndia a partner of choice for high-quality international investors like GE and GIP.”

The fund managed by GIP has investments with combined annual revenues of approximately USD 46 billion and more than 52,000 employees. GE Energy Financial Services has previously been considered one of the investors.

Follow and connect with us on  FacebookLinkedIn, Twitter