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 the transaction.
“We 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 ₹9.10 (~$0.134)/kWh.