Riyadh-based Alfanar Group is looking to sell half of its 600 megawatts (MW) wind power projects ie. 300 MW which will probably rank among the largest wind energy deals in India. Alfanar has allocated JM Financial to search for a buyer, according to a news agency.
India Ratings and Research wrote in a report that “This move will benefit all power companies, including central public sector enterprise gencos and transmission companies, independent power producers and renewable generators.”
The report added that “The dues clearance, which has remained a key monitorable for all gencos, would be a positive step. Ind-Ra believes that unless there are structural reforms in the power distribution segment, the problem of mounting dues could become perennial and the current relief would be temporary”.
Alfanar Group is specialized in developing and investing in renewable energy projects, including CSP, PV, wind energy, biomass, geothermal, and waste-to-energy. It is primarily engaged in manufacturing a wide range of Low, Medium and High Voltage electrical construction products, EPC solutions for conventional and renewable power plants, allied engineering services and design engineering and has a clean energy portfolio of 1.4 gigawatts (GW) in West Asia, Africa, Europe, and Asia. Alfanar has a wind project portfolio. It also has 600MW of projects in India which is run by SECI.