Avantha Group’s Jhabua Power, which is undergoing insolvency proceedings, has received expressions of interest from JSW, Adani Power, NTPC Ltd and Tata Power-backed Resurgent Power, people in the know told The Economic Times.
Expressions of interest were also received from a few Singapore-based distressed asset investors and some local asset reconstruction companies, along with Vedanta group’s Sterlite Power, the report said.
The last date for bid submission is November 15. Jhabua Power operates a 600 megawatt (MW) thermal power plant in Madhya Pradesh, which has power purchase agreements with the state electricity boards of Madhya Pradesh and Kerala. Another 600 MW of capacity is under construction.
Adani Power and Resurgent Power had also participated in a previously held auction process for the company, which was shelved last year because lenders failed to reach an agreement on the sale terms.
Separately, LGT Lightstone Aspada plans to invest up to $50 million (about Rs 356 crore at current exchange rate) in Canadian firm AMP Solar Group’s India unit, AMP Energy, four people aware of the development told Mint.
AMP Energy is a global renewable energy utility with India, the US, Canada and Australia as its core markets. “AMP Energy India has raised around $60 million of capital from institutional investors and has a 500 MW portfolio across 15 states. It aims to cross one gigawatt (GW) in the next two years,” one of the persons aware of the deal said.
The deal comes at a time when credit availability for renewable energy firms has tightened with the drying up of debt financing. Most lenders are wary of the viability of projects with rock-bottom tariffs, the report said.
LGT Lightstone Aspada, formed in partnership with Aspada and LGT in August 2019, is an India-focused impact investment platform.
