Indian conglomerate Adani Group is considering buying the Indian assets of struggling US-based solar developer SunEdison, according to Reuters.
Adani has already held talks with bankers over the potential purchase of local assets the heavily indebted renewables firm, which stand at around 1,490MW. SunEdison is said to be close to seeking bankruptcy protection, according to one of two subsidiary yieldcos, Terraform Global in an SEC filing.
Last month, it emerged that a deal from investment banking firm Macquarie to buy SunEdison’s Indian assets had fallen through. At the time, a spokeswoman from Macquarie declined to comment on the issue, although Adani and Tata Solar Power were then rumoured to be showing interest in SunEdison’s assets.
Last November SunEdison scooped the entire 500MW of capacity available for the Ghani Solar Park in Andhra Pradesh at what was then a record low tariff of INR4.63/kWh, which sparked concern in the industry over project viability.
Last year, SunEdison also made a US$4 billion agreement with Adani to build a solar cell and module manufacturing facility in India, which fell through.
If you are looking to invest in or develop solar projects in India, join us on the 7th of June in London at Solar Finance & Investment: India, a conference designed to bring together European and North American investors and developers looking into the Indian market, as well companies with consolidated presence that are exploring new partnerships.