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Edelweiss, Hero Future Energies eye Atha Groups solar assets

NEW DELHI: Edelweiss Group and Hero Future Energies are scouting for solar assets close to 190 mw project capacity of Kolkata-based Atha Group, sources closely associated with the developments said. 

This comes amid an increasing trend of consolidation activity in India’s renewable energy space. “Edelweiss is considering acquiring Atha Group’s solar assets through its infrastructure fund. Hero Future Energies is also in the race,” said a source.

Edelweiss Group recently set up a $1-billion infrastructure-focussed fund to invest in infrastructure and renewable energy projects.

Sources said the two companies are eyeing assets of Atha Group’s renewable energy arm AMPL Cleantech. These include eight solar assets across various locations including Rajasthan, Karnataka, Maharashtra, Telangana and Madhya Pradesh up for evaluation, another source said.

However, Brijesh Gupta, CEO of AMPL Cleantech, denied the possible sale and said the company had recently announced a road map to invest Rs 3,000 crore to scale up renewable capacity to 1 gw, of which 500 mw will be developed in India and the remaining abroad. Hero Future Energies declined comment. A query sent to Edelweiss remained unanswered till press time.