Mergers and acquisitions (M&A) for solar assets in India

Invest in operating solar power plants

With a capacity of 2 GW installed as of June 2013, India has seen an investment of over USD 2 billion in solar power projects. It is expected that we will see an investment of over USD 15 billion by 2017. Most investments in India are backed by recourse finance. This means that as developers look to expand their portfolios, a large part of this capacity will either be sold or refinanced. Headway Solar expects acquisitions worth more than USD 4billion to be undertaken by 2017.

The world over, solar energy projects are seen as a highly rated asset class, with transparent and constant yield projections over the next 25 years and very few external dependencies and operational expenses. India has seen rapid creation of solar energy assets over the past 3 years from 20 MW in 2009 to 2000 MW presently. Many of these assets will prove to be worthy of high-performing investment portfolios.

Headway Solar has been in the centre of the market for the last 3 years, working with project developers, EPC contractors, suppliers, off-takers and policy-makers. We understand the technology, policies and people involved in the projects thoroughly. ur growing expertise in the Indian solar energy market puts us in an advantageous position to advise the stakeholders throughout the life-cycle of any deal. Buyers need to know what they are buying, and we can provide the due diligence to help you identify key value sources and separate what is important from what is not. We understand the points of risk inherent to a solar energy project and can help the buyers assess the targets in accordance with their own criteria.

Headway Solar provides the following transaction services for M&A of solar projects in India:

  • Intelligence and networking
  • Identification of target projects
  • Creation of asset pools
  • Creation of investor pools
  • Coordination of non-binding offers
  • Coordination of independent third-party legal assistance
  • Coordination of independent third-party valuation
  • Coordination of independent third-party technical due-diligence
  • Assistance with negotiation and closure
  • Deal structuring
  • Assistance in FDI transactions

Headway Solar has an extensive network of developers in India and maintains a project database to track each project and its performance. This gives us a unique advantage in the mergers and acquisition space. Our expertise in understanding the business and financial aspects acts as a differentiator in terms of meeting the returns expectations of the buyer and the seller. We work closely with technical experts and law firms to select technically sound projects and hence, are able to structure the deals in an optimum way.

Looking to invest into running projects and existing solar portfolios in India? Drop us a message and we promise to get back.

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