SunEdison is planning to take over Continuum Wind Energy in a deal valuing the India-focused sector firm at up to INR 39 billion (USD 611m/EUR 559m).
The Economic Times said Tuesday, citing an unnamed official, that the due diligence and commercial negotiations should be completed by the end of the month. According to the daily’s sources, SunEdison’s non-binding offer at that stage values Continuum at between INR 37.2 billion and INR 39 billion, debt included.
If the transaction goes through, it will be the largest clean-tech acquisition in India, The Economic Times said.
At present, Continuum is majority owned by investment fund Morgan Stanley Infrastructure Partners. It says on its website it has a project portfolio of some 1,000 MW, including 145 MW of operational wind farms and 270 MW in construction.
In February, SunEdison committed to install 15.2 GW of renewable power capacity in India by 2022, the majority of which will be solar parks. It said at the time there will also be wind projects.