IDFC unit buying BP’s wind energy assets: paper

IDFC unit buying BP’s wind energy assets: paper

Mumbai: The private equity arm of Infrastructure Development Finance Co is buying energy giant BP’s wind power assets in India for Rs650 crore ($134 million), the Economic Times reported on Friday.

This signals BP’s exit from the renewable energy market and underscores its focus on the US market, the newspaper said, citing an unnamed person close to the development.

BP, the biggest oil producer in the US, owns 100 megawatt of wind energy capacity in India from two plants. IDFC Private Equity will pay for the assets in two tranches of Rs350 crore and Rs300 crore, the paper said.

Officials at the private equity declined to comment on the deal, it said, and Reuters could not immediately reach them.

“The focus of BP’s wind energy business is in the US, where it has an opportunity to develop a portfolio of 20,000 MW," the paper quoted BP India spokesman Anshul Mathur as saying.

“In India, we are not exploring any new wind development options, and are in the process of reviewing existing development positions. There are many potential options for the Indian wind business, one of which includes divestment," he told the paper.

IDFC PE was set up in 2002 and manages a corpus of $1.3 billion, its website showed.