Emami Group Sells its Solar Segment to Brookfield Asset Management
The company did not disclose the value of the transaction
June 9, 2020
The Emami Group, a Kolkata-based conglomerate, has sold its solar power business to Canadian Investment Company, Brookfield Asset Management, through a 100% stake sale.
While the company confirmed the development to Mercom, it declined to comment on the value of the deal or the capacity of the solar assets sold.
“As part of our divestment plan of non-core business assets, we are happy that we could conclude the deal with Brookfield Asset Management to sell our solar power business – Emami Power,” said a spokesperson for the Emami Group.
The Emami Group’s website says that it currently has 11 MW of solar power projects in Karnataka, 10 MW at Charanka Solar Park, Gujarat, 3.3 MW of solar power project in the Ramanathapuram district of Tamil Nadu, and a 22.5 MW solar power project in the Haridwar district of Uttarakhand.
In 2018, the Kolkata bench of the National Company Law Tribunal (NCLT) had approved a request made by the Emami Group to demerge its solar power business (Emami Power) from the cement business (Emami Cement Limited). In a proposal filed at the NCLT, the company expressed that by demerging the solar business, they would be able to strengthen their operations by increasing focus on each business individually.
Previously, ReneSola Ltd, a fully integrated solar project developer and operator, signed an exclusivity agreement with an affiliate of Brookfield Asset Management. Under the agreement, ReneSola agreed to negotiate exclusively with Brookfield Asset Management to sell its distributed generation operating solar assets in China. Brookfield Asset Management intended to acquire the project-based special purpose vehicles associated with the 206.8 MW of distributed generation operating assets.
Mercom had reported in 2018 that Globeleq, an independent power producer and developer in Africa, was set to acquire Brookfield Asset Management’s interests in its South African renewable energy portfolio. The agreement was to give Globeleq a majority shareholding in six renewable projects totaling 178 MW, as well as ownership in Brookfield’s South African asset management company.
Nithin Thomas Prasad
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