The largest independent renewable energy project developer Equis Energy maybe looking to exit one of the fastest growing renewable energy markets in the world.
According to media reports, Equis Energy is looking to sell around 700 megawatts of solar and wind energy capacity it owns in India. Indian business daily Economic Times reports that the Hero Future Energies, part of conglomerate Hero Group, is planning to buyout Equis’ assets.
According to a recent press release issued by Equis Energy, the company has financed 674 megawatts capacity with an additional 300 megawatt capacity under development. The company, through two subsidiaries, commissioned 130 megawatt solar power capacity in the state of Telangana. The company is expected to commission more utility-scale solar power projects over the next few months.
The two projects are expected to generate over 211,000 MWh of electricity every year offsetting more than 195,000 tonnes of carbon dioxide emissions in the process. The company is expected to generate around $18 million in revenue every year from these two projects.
A statement issued by Equis Board Chairman David Russell did not give any indication about the possibility of company’s exit from the Indian market. “Equis has nearly a gigawatt (GW) of renewable energy in operation and under development in India and we are excited about the prospects for continued growth, delivering low-cost, clean energy to Indian consumers and businesses, as well as offering jobs to the community,” Russell said. The statement seemed pretty generic and has been repeated used in several India-related press releases.
However, the company has been making business moves in new markets within India. Earlier this month, Equis also signed an agreement with the government of Haryana to set up canal-top solar power projects. Under the agreement, Equis would invest $150 million to develop an undisclosed number or capacity of canal-top solar power projects.