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Indian power producer Green Infra Ltd said it has bought BP Plc's unit BP Energy India Pvt Ltd for an undisclosed sum.
According to some media reports, Green Infra has paid Rs6.5 billion (about $134 million) for buying BP's Indian unit, which has a 100MW portfolio of wind energy assets. This also marks BP's exit from the renewable energy market in India.
Green Infra is a subsidiary of infrastructure-focused private equity investment manager IDFC Private Equity. Post the deal Green Infra will have a total generating capacity of 124MW.
"We have a very positive investment outlook on the power sector, particularly in renewables, and have committed Rs3.6 billion (about $72 million) to support Green Infra in consolidating its leadership position," said Satish Mandhana, managing director, IDFC PE.
Following the acquisition, Green Infra will own operating assets worth over Rs7.5 billion ($150 million), including 20MW of assets eligible for the generation-based incentive announced by the Indian government and a development pipeline of over 300MW.
IDFC PE recently closed its third fund with a corpus of $700 million and also has provided Rs3.6 billion to Green Infra. -Yogesh Sapkale [email protected]