GAIL (India) Ltd has invited expressions of interest from owners of solar projects to acquire the operational assets as the country’s largest natural gas marketing company seeks to ramp up its clean energy portfolio.
In the tender document, GAIL said it will acquire at least 50 per cent stake in solar projects of at least 50MW capacity which are owned and operated by a Special Purpose Vehicle (SPV).
The project must be located in a solar park and must have a long-term PPA with a central government body, whether Solar Corporation of India or a central PSU such as NTPC Ltd. The SPV should also not have any assets outside of the solar park.
The project must have been in continuous operation for at least a year. The interested party offering the SPV for acquisition should have at least 50 per cent equity stake in it, GAIL added.
“In case GAIL acquires 50 per cent equity stake in the offered SPVs, the interested party(ies) or remaining shareholder(s), as the case may be, should maintain 50 per cent equity stake in that SPVs for a minimum period of one year from the date of GAIL becoming an equity partner in that SPV,” GAIL said.
They can sell this stake to a third party after 12 months provided GAIL gets the right of first refusal. GAIL must also be allowed to tag along on any stake sale if it wishes to divest its equity, the tender document said.