GIP wraps up deal to buy RattanIndia solar portfolio

22 November 2019 - 12:00 am UTC

New York-based Global Infrastructure Partners (GIP) has concluded a deal to buy RattanIndia’s 350 MW solar portfolio, said two people familiar with the matter.

They declined to specify the transaction value, citing confidentiality agreements that are binding until regulatory approvals are obtained.

GIP and RattanIndia did not appoint any advisors for the transaction, the people said.

The transaction will double GIP’s India solar portfolio to 700 MW. The new deal includes 150 MW that is under construction, which the Indian company will continue to develop.

New York-headquartered GIP entered India in April 2018 by acquiring the infrastructure asset management business of IDFC Alternatives. The portfolio had two funds under management – India Infrastructure Fund I and India Infrastructure Fund II. The first raised USD 927m in 2009, while the second raised USD 900m in 2014.

The two funds invested in 32 infrastructure companies across segments such as roads, power, telecom towers, and clean energy, IDFC said when it was acquired by GIP.

RattanIndia and GIP did not respond to requests for comment.

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