France-based renewable energy developer, Fonroche Energie
SAS has divested its India solar assets aggregating 22.3 MW. The assets have
been acquired by the Hinduja Group.
Fonroche Saaras Energy (FSEPL) and Fonroche Raajhans Energy (FREPL)
are the two wholly owned India subsidiaries of Fonroche Energie SAS, through
which the developer had installed solar projects in India. Through these subsidiaries,
Fonroche cumulatively owned and operated 22.3 MW solar projects in Gajner,
Rajasthan, commissioned in 2013 under National Solar Mission Phase-I, Batch 2.
YES SECURITIES’ Sustainable
Investment Banking team (SIB) acted as the exclusive advisor to Fonroche for
this transaction. Solomon & Co. acted as the legal advisor to Fonroche and
Fortitude Law Associates acted as the legal advisor to the Hinduja Group for
decided to sell our assets in India because Fonroche is seeing an enormous
growth in the Latin American market and needed to reallocate its resources,” stated Thierry Carcel, CEO of
Fonroche Energie SAS.
According to Mercom’s India
Solar Project Tracker, these projects were commissioned in 2013 under JNNSM
Phase-I, Batch 2 at a tariff of Rs.9.10 (~$0.134)/kWh.