Thailand’s PTT Group is among companies that have shown interest in buying around 22% stake in renewable energy producer Avaada Energy Pvt. Ltd in a potential equity deal estimated at around $220 million, said two people aware of the development.
Avaada Energy—controlled by entrepreneur Vineet Mittal—has an operational portfolio of 1.2GW with a further 4GW under implementation.
“The ongoing vendor due diligence (VDD) for Avaada Energy will be completed by February, post which a term-sheet with the selected firms will be signed. The plan is to have a binding term sheet by March-end,” said one of the two people cited above requesting anonymity.
The person did not name the other companies in the fray to acquire a stake in Avaada Energy. VDD is undertaken for sell-side due diligence and involves a detailed investigation and analysis.
“PTT is now considering investing in renewable energy on many projects in the targeted countries including India. We are still not able to disclose any further information about the projects under study,” a PTT Group spokesperson said in an emailed response.
Mint earlier reported about Avaada Energy appointing Bank of America to handle the sale process. The process couldn’t start as the pandemic and strict curbs to control its spread stopped air travel, thereby impacting some of the ongoing deals in India’s green energy space.