Everstone-backed EverSource Capital has acquired Mumbai-based Origin Renewables Pvt Ltd while Adani Transmission and Tata Power are in initial discussions to buy under-construction Warora-Kurnool transmission line from Essel Group. Also, Adani Group and Vedanta are eyeing Lanco’s Amarkantak power plant.
EverSource buys Origin Renewables
EverSource Capital, a joint venture between Everstone Capital and Lightsource BP, has acquired Mumbai-based Origin Renewables Pvt Ltd to foray into the rooftop-focused commercial and industrial (C&I) business, per media reports.
Set up in 2015, Origin Renewables provides services for rooftop solar projects, ground-mounted solar farms, and hybrid wind-solar systems to corporate and commercial users.
Eversource Capital was formed in April 2018 to invest in green infrastructure. The UK Government and India’s National Investment and Infrastructure Fund (NIIF) have committed over £240 million as anchor capital.
Adani, Tata Power eye Essel Group asset
According to a report in The Economic Times, Essel aims to lower debt with the sale of this asset. Essel Infraprojects already sold two transmission assets last year. The 765 kV project was supposed to facilitate the distribution of power to the southern region and was due for commissioning in November 2019.
Adani, Vedanta in race to buy Lanco plant
The plant was admitted for insolvency proceedings by the National Company Law Tribunal (NCLT) in September last year after it reportedly defaulted on a Rs 960 crore loan. Both the interested parties are currently conducting due diligence on the power plant.