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.

Mint had earlier reported that Alfanar Group was looking to sell half of its 600 MW wind power projects in India and had appointed JM Financial to find a buyer. When contacted, an Alfanar group spokesperson in an emailed response said: “As per our company policy we do not engage in responding to speculations.”

Queries emailed to a JM Financial spokesperson on 10 April remained unanswered till press time.

India is running the world’s largest clean energy programme and seeks to have an installed capacity of 175 GW by 2022. It has an installed wind power capacity of 38.78 GW, with plans to reach 60 GW by March 2022, as part of the country’s climate change commitments.

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