Azure Power stops the search for JV partner in Rajasthan Solar Power Project

Copyright © HT Digital Streams Limit all rights reserved. Azure Power has a total operating capacity of 3.04 gigawatts. (Reuters) Summary Azure Power interrupted plans to bring in a joint enterprise partner for his 950 MW Rajasthan solar portfolio, despite non-binding offers. The move comes amid management button and a class action settlement in the US, which blurs the extension plans of the renewable energy business. New -delhi: Azure Powerglobal Ltd, renewable energy business, stopped his search for a joint venture for his 950 megawatt solar portfolio in Rajasthan, two people said aware of the development. Non -binding offers have been submitted for up to a 50% stake in Azure Power’s projects at Bhadla in a proposed agreement with a business value of approximately £ 4,100 and an share value of around £ 1,000, according to these people who refused to be identified. “The deal has stopped,” one of them said. Mint could not determine the names of the companies that the non-binding offers presented. The transaction, called ‘Project Agile’ and managed by Investment Bank Ambit, involved a 300 MW operations capacity and two ready-to-building projects totaling 650 MW. The two projects, which are part of a Solar Energy Corporation of India Ltd. manufacturing-driven bids allocated in 2019, must be built in two 300 MW and 350 MW tranches, which involve a capital expenditure of £ 3,300 crore. Azure Power has a total operating capacity of 3.04 gigawatts. La Caisse, formerly the Canadian Pension Fund Caisse de Dépôt et Placement du Québec, has a 53.4% ​​stake in Azure Power, India’s first renewable energy business listed on US stock exchanges. Ontario municipal employees’ pension system (omers) has a 21.4% stake in the company. “We don’t want to comment on the story at the moment,” said a spokesman for Ambit in ‘Ne -mail -answer. Speakers from La Caisse and Omers declined to comment. A spokeswoman for Azure Power said the company “does not comment on market speculations about its business or entities and individuals who are not related to Azure. As part of our continued business, we regularly judge different strategic opportunities. Non-binding offers for up to a 50% stake at a business value of about £ 4,100 crore. For renewable energy transactions, with recent transactions involving players such as Actis, Sembcorp and Greenko a strong robust investor appetite. The new CEO, Ranjit Gupta, and chief operating officer Murali Subramanian resigned in April 2022. brought Azure Power in July 2023 Sunil Gupta as CEO and Sugata Sircar as group chief financial officer and executive director, Finance in May 2023. In November 2023, Azure Power of the New York Scholarship was also taken over. November 2024, Azure Power said it was “aware of the actions announced by the US Department of Justice and US Securities and Exchange Commission against certain former directors and officers of Azure, as well as certain third parties, and that the” former directors and officers of Azure in the US Department of Justice and US Securities and exchange commission referred to more than a year ago. Consolidated financial statement for the year ended 31 March 2025, Azure Power said a class case was filed in the US District Court for the Southern District of New York, case number 1: 22-cv-07432, against the company and some of its former directors and officers who allegedly added to the US security law. Court, the company and the leading plaintiff agreed to resolve the case without any admission by any defendants. The settlement received preliminary approval on April 30, 2025, and the company expects a hearing to address the final approval in September 2025. The Actis LLP ownership of Atlantic Ocean is one of the half-doom bidders shortlisted to perform the proper caution to obtain Macquarie Asset Management Green Investment Group’s renewable energy platform, Vibrant Energy, in a transaction with a business value of about $ 600 million. Corps, among other things, recent transactions in India’s renewable energy space in Greenko Energy Holdings sold to Am Green BV, which is owned by Greenko Group founders Anil Chalamalasetty and Mahesh Kolli. Ayana Renewable Power PVT, the national investment and infrastructure fund-backed Ayana Renewable Power PVT, bought. Analysts say India offers important opportunities for mergers and acquisitions in the green energy space. In a June 24 report. Government support is expected to drive further M&A energy and infrastructure activity throughout the region, “he added.” Two examples of this supportive policy environment include the Indian government initiative to integrate biogas in the National Gas Grid and the recent revision of domestic solar power policy. ” Energy of 226.9 GW, of which solar power is 119.02 GW. GW, led by Rajasthan, Jammu and Kashmir, Maharashtra, Madhya Pradesh and Andhra Pradesh. Market updates and live business news.