Electricity producer Torrent Power Ltd. and Singapore-listed utilities company Sembcorp Industries Ltd. are in the race to buy clean energy platform Vector Green Energy, Mint newspaper reported, citing unidentified people familiar with the matter.
The transaction is expected to have an equity value of 30 billion rupees ($516.66 million) and an enterprise value of 50 billion rupees, the report said Saturday, adding that the sale process is being handled by Standard Chartered. Vector Green has 700 megawatts operational and 300 megawatts under-construction wind and solar energy assets, besides having a 1 gigawatt investment-ready asset in the pipeline, Mint said.
Vector Green Energy is owned by funds managed by Indian subsidiary of Global Infrastructure Partners. A spokesperson of Standard Chartered declined to comment to the newspaper, while spokespersons for Vector Green and Sembcorp did not answer emailed questions sent by Mint, the report said. A spokesperson for GIP said, “As a matter of policy, we don’t comment on market speculation.”