Hinduja Group acquires green energy firm Kiran Energy

Hinduja Group power arm Hinduja Power Corporation has acquired Mumbai-based Kiran Energy Solar Power in an all-cash deal. 

While the companies did not divulge the financial terms of the buy, various media reports pegged the deal at an enterprise value of about Rs900-Rs950 crore.

Yes Securities’ Sustainable Investment Banking Team (SIB) was the only adviser to the transaction.

Privately-held Kiran Energy operates solar power plants in Rajasthan, Gujarat and Maharashtra, with the company operating a total of 85 MW..

Kiran Energy is promoted by former head of KPMG’s investment banking division in India, Ardeshir Contractor, a first-generation entrepreneur and technocrat, along with a team of co-founders and backed by leading Private Equity investors such as Bessemer Venture Partners, GKFF (Argonaut capital) and Rivendell PE (New Silk Route).

“Kiran Energy always held the conviction that solar energy would evolve as a mainstream energy source for India. Over the last 7 years, it has been a tremendous experience to be at the forefront of this evolution. We are extremely pleased with our agreement with Hinduja Power and look forward to witnessing the growth of the business to new heights,” Ardeshir Contractor, MD of Kiran Energy, said.

In 2010, Mahindra & Mahindra jointly ventured with Kiran Energy to jointly build three solar power plants and in 2013, First Solar Inc, USA, invested in a minority stake in three of Kiran Energy solar power plants.

Nishith Desai Associates and AZB & Partners acted as the legal advisor to Kiran Energy and Crawford Bayley & Co acted as the legal advisor to Hinduja Group for the transaction.

Yes Securities’ SIB specialises in private equity fund raising, merger & acquisitions, technology transfer, business advisory, corporate restructuring. It has successfully completed 35 transactions in the sustainability space with a cumulative transaction value of $7 billion.