SkyPower May Sell Equity Stake In India Solar Power Projects

After SunEdison, now another global renewable energy behemoth SkyPower is looking to sell equity stake in the solar power projects it had recently secured in some of the fiercest competitive auctions in India.

Subsidiary of SkyPower Global that secured 150 MW projects in the Madhya Pradesh solar power auction last year is now reportedly looking to sell equity stake in the projects. A report by Indian business daily Economic Times stated that the company may completely exit the Indian market by selling the entire equity stake in the projects.

Kerry Adler, President and CEO – SkyPower Global subsequently cleared the air on this report stating that while the company is indeed ‘looking for partners’ to execute the solar power parks India remains a ‘core market’ for the company.

The company had secured these projects with tariffs bids of just over Rs 5.00/kWh which are still among the lowest tariffs in the India.

SkyPower had also secured 200 MW solar power capacity at similar tariffs in the state of Telangana. Interestingly, the company has deposited bank guarantees and signed power purchase agreements for projects in both the states. The company had announced that construction on Madhya Pradesh projects shall start this year.

Recently, Indian media outlets had quoted SunEdison officials stating that the company is looking to sell up to 49% stake in a 500 MW solar power project that it had secured in an NTPC-backed auction last year. The project would be the largest in India to be developed by a single company.

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