Alfanar eyes sale of majority stake in India assets

Saudi Arabia’s Alfanar Group is looking to sell a controlling stake in its 600-megawatt (MW) wind power assets portfolio in India for around $300 million, said two people aware of the development, requesting anonymity. Alfanar Group has a clean energy portfolio of 1.4 gigawatts (GW) across West Asia, Africa, Europe and Asia, and is also seeking capital commitment for future greenfield projects.

The Riyadh-based group had won two wind power projects auctioned by the state-run Solar Energy Corp. of India (SECI). In February 2018, it placed a winning bid of ₹2.45 per kilowatt-hour (kWh) and followed it up by picking up another project with a bid of ₹2.77 per kWh in October 2018, for developing 300MW wind projects each.