Hinduja National Power Corporation Limited (HNPCL), a subsidiary of the Hinduja Group, has successfully completed the acquisition of Kiran Energy Solar Power.

According to the Press Trust of India (PTI), the deal has been valued at approximately ₹10 billion.

Mercom’s source at Hinduja confirmed the acquisition, adding that the finer details of the deal will be made public soon.

“We have acquired the stakes of equity investors of Kiran and this is a good deal as all the projects are under operation and have good power purchase agreements (PPAs),” the executive told Mercom. The Hinduja executive, however, refrained from divulging details about the size of the deal.

HNPCL is also planning to create a power generation capacity of 10 GW over the next ten years.

When contacted, Mercom’s source at Kiran Energy Solar also confirmed the conclusion of the acquisition deal. The Kiran Solar executive said, “Around 85 MW of our operating solar assets will go to Hinduja as part of the deal.”

The executive further added, “The assets have been in operation for the past five years, and include 55 MW in Rajasthan, over 20 MW in Gujarat, and over 5 MW in Pune.”

Kiran Energy was founded by Ardeshir Contractor and Alan Rosling, a former Tata Sons executive director in 2010, and currently has an operational portfolio of around 85 MW.

This is the latest in a series of acquisitions in the Indian renewable sector in 2018. In the beginning of May 2018, ReNew Power acquired a 100 percent stake in Indian Energy Limited (IEL) at a price of ₹364 million (~$5.545 million). Moreover, in April 2018, ReNew acquired Ostro Energy Private Limited for ₹10,600 crores (~$1.63 billion).

Indian power company JSW Energy recently acquired 100 percent stake in JSW Electric Vehicles in a bid to enter the country’s rapidly expanding electric vehicles (EV) market.

YES SECURITIES’ Sustainable Investment Banking Team (SIB) acted as the exclusive advisor to the transaction. Nishith Desai Associates and AZB & Partners acted as the legal advisor to Kiran Energy while Crawford Bayley & Company acted as the legal advisor to Hinduja Group for the transaction.

*This article has been updated with additional information*