Mahindra Susten, the renewable business arm of Mahindra group, has got binding offers from CLP India and the Piramal Group for its 160 megawatts (MW) solar assets, Livemint reported citing two people aware of the development. Both parties have completed due diligence of the assets and submitted binding offers for Susten’s solar portfolio. The company is expected to take a call on the two offers over the next few weeks.
The sale is part of the company’s plans to sell completed projects and recycle the capital to develop its project pipeline. On 1 August, Mint had reported that CLP India and the Piramal Group had shown interest in buying Susten’s solar portfolio. The transaction could fetch over Rs 1,000 crore.
Mahindra Susten, which builds and sells solar power projects, offers diversified services within the renewable energy and cleantech space and has commissioned over 967MW till date, with over 668MW of projects under execution. The firm’s services include turnkey hybrid solar power plants, utility-scale solar and rooftop solar products, operations and maintenance of solar projects, solar car charging stations, telecom tower solarization, analytics, engineering solutions, energy management and industrial build solutions.
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