Ayala, UPC Renewables JV to sell interest in 1 GW projects in $ 600 MND Deal | Company Business News

New Delhi: The joint venture between the Philippines’ Ayala Corporation possession Acen and UPC Renewable plans to sell a significant stake in its upcoming 1 Gigawatt projects in India in an agreement that may be valued at an enterprise value of about $ 600 million, two people who are aware of the development said. The transaction involves downloading up to 74% stake in three projects on renewable energy in India, people on condition of anonymity said. EY is conducting the sales process for the agreement with an equity value of about $ 200 million, they said. “The next phase involves the signing of agreements that are not disclosure, the part of the financial model and information memorandum, followed by management discussions and the submission of non-binding offers,” said one of the people quoted earlier. “Then the bidders will be shortlisted to submit their binding bid.” The projects include a 420 megawatt (MW) sun project in the Barmer region of Rajasthan, a 100 MW wind project in Karnataka; and a 520 MW of Wind and solar hybrid projects to be commissioned by 2027. While Acen has an operational 3.3 Gigawatt (GW) portfolio and develops another 3.7 GW worldwide, UPC has Renewable 10 GW installed capacity, with 7 GW assets developed. Their Joint Venture India Green Energy platform – UPC Renewables India – has an operational capacity of 630 MW, consisting of 420 MW Masaya Solar in Madhya Pradesh, 70 MW Paryapt Solar in Gujarat and 140 MW Sitara Solar in Rajasthan. In an email answer, a EY spokeswoman said: “We can’t comment on company-specific matters.” Inquiries by e -mail to the spokesmen of Ayala Corp., Acen, UPC Renewables late Wednesday night, and UPC Renewable India Thursday morning were unanswered to perury. The JV platform has already started working on these upcoming projects. “Acen, in partnership with UPC Renewable, has begun building two major renewable energy projects in India: a 420 MW solar farm in Rajasthan and a 120 MW wind farm in Karnataka,” the companies said in a statement on Wednesday. “We are excited to kick off the second phase of growth for UPC India’s platform with the construction of these 500 MW+ solar and wind projects. The projects are part of a broader pipeline of 1 GWP+ re projects, which we want to deliver over the next two years and play a significant role in India’s green energy transition,” Statement. India’s green energy sector has seen tremendous interest, given the country’s clean energy transition track. The Central Electricity Authority (CEA) forecast a highlight of 270 GW this year, higher than a high of 250 GW recorded on May 30 last year. India has an installed renewable energy capacity of 226.9 GW, of which solar and wind power accounts for 110.9 GW and 51.3 GW respectively. India is aimed at adding 50 GW green -energy capacity annually to reach by 2030 500 GW. Power question, prize challenges, but the industry is also facing coming concerns. Solar energy tariffs have dropped, and the demand for power in India’s top six industrialized states was flattened in April and cooled in May. The sector is also facing restrictions on power transfer immacation, while states do not receive the purchase and supply agreements for projects due to a decline in the rates in subsequent bids. In May, power exchanges observed an unprecedented market bifurcation: Electricity mock prices during sonure dropped to a £ 0/unit, while peaking prices that are not the peak peak, the ceiling of £ 10/unit, according to an SBI Capital Markets Ltd’s. “This divergence emphasizes an extreme case for the economic viability and practical necessity of ESS (energy system). The recognition of these, pure solar tiders