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Greenko poised to buy 438MW of SunEdison India assets: report

Indian developer Greenko is poised to buy 438MW of operating assets and a significant development pipeline from stricken US renewables group SunEdison, it was reported in India.

The Greenko acquisition will value the SunEdison assets at $315m, said The Economic Times, which cited multiple unnamed sources close to the deal.

Greenko will get 390MW of operating solar and 48MW of wind, with an 800MW development pipeline thrown in at no extra cost, according to the newspaper.

Greenko is one of India’s most active developers, with its website listing an operating wind base of about 660MW out of a total base of more than 1GW that also includes hydro, biomass and thermal interests – but to date no solar presence.

Hyderabad-based Greenko – which says it is “aggressively” targeting 3GW by 2018 – is backed by Singapore sovereign wealth fund GIC.

Greenko has not so far responded to a request for comment.

Greenko was said to be one of the bidders for the 1GW-plus Welspun Renewables business, which was bought by Tata Power in a deal that completed last week.

India was one of the many fast-growing global renewables markets targeted by SunEdison in its explosive growth phase during 2015.

A spell of frantic activity in the country saw SunEdison win 500MW of solar capacity after bidding a then record-low 4.63 rupees ($0.07) per kWh – leading some to question the economic viability of its bid.

SunEdison’s global plans came to a juddering halt in early 2016 as it struggled to service its debts, shredding confidence among its investors and culminating in a filing for US bankruptcy protection in April this year.

Last week American giant NRG Energy was given the go-ahead to proceed with the acquisition of 2.1GW of SunEdison wind and solar assets in the US.

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