Brookfield, CPPIB, NIIF in race to buy Mahindra’s 600MW solar assets

Brookfield, Canada Pension Plan Investment Board (CPPIB), National Investment and Infrastructure Fund (NIIF) and Edelweiss Yield Plus Infrastructure Fund are among half a dozen investors in discussions to acquire nearly 600 megawatts (MW) of solar assets from Mahindra group’s renewable energy business, Mahindra Susten, said two people aware of the development, requesting anonymity.

“They have received offers from six financial investors including Brookfield, Edelweiss, CPPIB and NIIF. They will be shortlisting three bidders for the final round of negotiations,” said the first person. The portfolio of assets on sale includes two large operating solar projects: a 250MW project in Rewa, Madhya Pradesh, and another 250MW project that it won in Solar Energy Corp. of India and a few smaller projects, the second person added.

Email queries to Mahindra group and NIIF did not elicit a response. Brookfield, CPPIB and Edelweiss declined to comment.

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