Rooftop and distributed solar energy project developers, including large independent power producers such as ReNew Power and Azure Power, are exploring the sale of their rooftop portfolios to raise capital, said three people aware of the development, requesting anonymity.
Others such as TPG-backed Fourth Partner Energy and SunSource Energy have already initiated talks with investors to raise equity capital to fund their growth plans, the people cited above said.
“Azure has mandated KPMG to find buyers for its rooftop portfolio of around 120 megawatts (MW), while ReNew has been looking at selling around 100MW. The idea is to sell operating assets and deploy the capital in their underdevelopment project pipeline,” said the first person cited above, declining to be named, as the talks are private.
