Canada’s Brookfield Asset Management Inc., private equity firm Actis Llp and Edelweiss Infrastructure Yield Plus Fund’s Sekura Energy Ltd have offered to buy a majority stake in Finnish state-run power utility Fortum Oyj’s 500 megawatts (MW) solar projects in India in a deal estimated at about 500 millions euros, said two people aware of the development.
The three parties have submitted three separate non-binding bids for the deal, which is expected to be completed by March, the people cited above said, requesting anonymity. Kotak Investment Banking is managing the sale process.
“The bids have been placed, and there has been substantive interest in these assets. The sale process is expected to be completed by March,” one of the two people cited above said, requesting anonymity.
The stake sale is part of Fortum’s strategy to take risks early on and eventually monetize projects to raise capital for new ventures.
Source: Live Mint
By Utpal Bhaskar
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