ENGIE to reduce share in renewable projects, sell 74% stake to Edelweiss

French energy major ENGIE will sell majority stake in solar power projects in India to Edelweiss Infrastructure Yield Plus (EIYP) and its portfolio company Sekura Energy. The company, which operates 1,500 megawatts (MW) of renewable capacity in India will sell 74 per cent stake in 12 solar power projects totaling 813 MW, it said in a statement.

The deal, expected to be closed by the first half of 2020, is estimated to help ENGIE reduce its debt by Euro 400 million. “This transaction allows us to accelerate the implementation of our strategic model in renewable, and to free up capital