2024-10-25 05:30:15 :
Qatar’s Nebras Power’s plan to acquire up to 49% of Aditya Birla Group’s renewable energy business for about $400 million has been shelved due to a “valuation mismatch,” two people familiar with the matter said.
Other bidders involved in the sale process of Aditya Birla Renewables Ltd include Alberta Investment Management Company (AIMCo) and BlackRock Global Infrastructure Partners (GIP).
Mint It was previously reported that Aditya Birla Group has hired Standard Chartered Bank to sell up to 49% of the group’s renewable energy business to raise approximately US$400 million. December 18, Fund control The group is reportedly in advanced talks with Nebras Power to expand the renewable resources business under Grasim Industries.
India aims to more than double its green energy capacity to 500 gigawatts by 2030 from current levels, drawing interest from the world’s largest institutional and corporate investors.
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Vinay Rustagi, senior director, global head of renewable energy at Crisil Ltd, said: “But the Indian market faces special challenges as returns are lower and execution risks are relatively higher.” As more players enter, C&I ( Commercial and industrial) markets are also moving in the same direction. Additionally, global return expectations have increased as key macroeconomic factors influence the outlook. “
Spokespeople for Aditya Birla Group, Standard Chartered Bank and Global Infrastructure Partners declined to comment. Inquiries emailed to spokespersons for Nebras Power and AIMCo on Monday remained unanswered.
India’s installed renewable energy capacity is 210 GW, including 90.76 GW of solar power and 47.36 GW of wind power.
Aditya Birla Renewables plans to more than double its installed renewable energy capacity to 4.5 GW by FY2026 through utility and commercial and industrial (C&I) projects. The portfolio of Doha-based Nebras Power (part of Qatar Electricity and Water Company) includes 6.79 GW of installed capacity. AIMCo manages $168.9 billion in assets and has a $20 billion global portfolio of infrastructure and renewable energy investments. BlackRock Inc. recently acquired GIP, which has about $170 billion in assets.
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Multiple green energy deals reportedly in the pipeline in India Mint. Thai energy company Banpu Public Company Ltd recently joined the race to acquire Eversource Capital-backed Radiance Renewables with Just Climate LLP, Generation Investment Management’s unit led by former US Vice President Al Gore, and Singapore’s CapitaLand Investment Ltd Pvt. Ltd. is involved in a transaction with an enterprise value of approximately US$325 million. A number of Australian superannuation funds, including AustralianSuper, UniSuper and Hostplus, are also eyeing the domestic renewable energy sector.
India’s installed renewable energy capacity is 210 GW, including 90.76 GW of solar power and 47.36 GW of wind power. States such as Rajasthan, Gujarat, Tamil Nadu and Karnataka have taken the lead in establishing green energy projects, with installed capacities of 29.98 GW, 29.52 GW, 23.70 GW and 22.37 GW respectively.
In addition, the government also focuses on promoting local manufacturing, with the installed battery capacity of approximately 10 GW and module production capacity of approximately 60 GW. Investments in the country’s renewable energy sector $It will reach 8.5 trillion between 2014 and 2023.
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