Actis, Brookfield look to buy Mahindra’s EPC, solar assets
Private equity firm Actis Llp and Brookfield Asset Management Inc., among others, are eyeing Mahindra Susten’s engineering, procurement and construction (EPC) business, besides its under-construction 600MW solar assets, said two people aware of the development, seeking anonymity. The deal is valued around $500 million, they added.
The sale of Mahindra Susten’s assets, and the EPC business is being handled by EY.
Mahindra Susten, which builds and sells solar power projects, offers diversified services in the renewable energy and cleantech space. Earlier this year, it had sold around 160MW of solar projects to CLP India. Its portfolio comprises 1,569MW of solar power projects.
“The process run by EY has been underway for more than a month. The under-construction 600MW solar projects may have an enterprise value of around ₹2,400 crore and an equity value of around ₹1,000 crore. Actis is looking at the entire piece, including the EPC business,” said one of the people mentioned above.
