From The Economic Times · Mohit Bhalla and Reghu Balakrishnan · · 1m 30s
Inox Clean Energy nears Rs 2,500 crore Athena Renewables deal
India's renewable energy player Inox Clean Energy is close to acquiring Actis-owned Athena Renewables for Rs 2,500 crore, boosting its capacity ahead of an IPO.
In brief
India's renewable energy player Inox Clean Energy is close to acquiring Actis-owned Athena Renewables for Rs 2,500 crore, boosting its capacity ahead of an IPO. Inox Clean Energy is acquiring Athena Renewables for Rs 2,500 crore to scale up its renewable energy capacity to 5 GW before going public. Originally reported…
Inox nears Rs 2,500 crore deal
Inox Clean Energy is close to acquiring Athena Renewables from UK-based fund Actis for Rs 2,500 crore. Both sides have reached an in-principle agreement.
Multiple bidders competed
Independent power producers and private equity firms competed to acquire Athena Renewables, but Inox Clean Energy emerged as the winner.
Inox scales up before IPO
Inox Clean Energy operates renewable power generation and solar equipment manufacturing. It has been acquiring assets to scale up quickly ahead of a planned initial public offering.
Capacity jumps to 5 GW
The Athena acquisition would bring Inox's total operational renewable energy generation capacity to close to 5 GW. Its pipeline of projects under construction could be twice as large.
Athena's strong asset base
Athena operates four solar power plants with 554 MW combined capacity, including a 336 MW plant at Rewa and three 72 MW plants at Ananthapuramu. Assets have seven and a half years of operational track record.
Secure long-term contracts
Athena sells power under 25-year agreements to government-owned entities and distribution companies. Its offtakers have credit quality equivalent to the central government.
Here's the gist
Inox Clean Energy is acquiring Athena Renewables for Rs 2,500 crore to scale up its renewable energy capacity to 5 GW before going public.
