The National Investment and Infrastructure Fund (NIIF) has reportedly emerged as the top bidder to acquire about 617 MW worth assets of Mahindra Susten. Private equity funds Brookfield Asset Management Inc and KKR were also in the fray. …
The major operational assets that are to be sold include a 337.5 MW solar park at Rewa, Madhya Pradesh and an 84.5 MW plant at Charanka, Gujarat. NIIF has offered Rs 35 billion in enterprise value, with an equity value component of Rs 11.80 billion for the assets. If the deal materialises, it would be the first major acquisition by NIIF in the renewable energy space. NIIF is already an investor in CDC-owned Ayana Renewable Energy and Everstone Capital-owned Eversource.