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Hindustan Power projects in talks to sell solar assets.

Hindustan Powerprojects Pvt. Ltd has initiated discussions with investors to sell around 300 megawatts (MW) of solar assets, three people aware of the development said.The money could be used for expansion and also to provide a partial exit to its private equity investor, Blackstone.The sale could fetch the Blackstone-backed power asset developer almost $300 million (around Rs.2,000 crore), said one of the three, requesting anonymity as the talks are private.

The company is “talking to various financial and strategic investors. The portfolio of assets it is looking to sell has an enterprise value of almost $300 million, of which almost $100 million is equity and the rest, debt”, this person added.Hindustan Powerprojects has been exploring options to raise funds to create more power assets and also to provide an exit to Blackstone, said the second person on condition of anonymity.

India has set itself the ambitious target of increasing its clean energy capacity more than fivefold to 175GW by 2022. Of this, around 100GW is to come from solar power. In the climate change talks held in Paris last December, Prime Minister Narendra Modi said that by 2030, 40% of the country’s installed power capacity would be based on non-fossil fuel.India needs $200 billion in investments to reach its goal of 100GW solar energy and 60GW wind energy by 2022.