Punj Lloyd’s wholly owned subsidiary - Punj Lloyd Infrastructure (PLIL) has executed definitive agreements with India Infrastructure Fund II (a SEBI registered Category I Alternative Investment Fund represented by its investment manager IDFC Alternatives Limited) to divest three operating solar projects aggregating to 45 MW located in Punjab and Rajasthan subject to customary approvals and other conditions precedent. As per the transaction, PLIL will divest its entire shareholding in its subsidiaries that hold the three projects - PLSPL, PLSUL and PLSL.
Punj Lloyd Solar Power (PLSPL) owns and operates a 5 MW solar power project selling power under a 25-year power purchase agreement with NTPC Vidyut Vyapar Nigam. PL Surya Urja (PLSUL) owns and operate a 20 MW solar power project selling power under a 25 - year power purchase agreement with Punjab State Power Corporation and PL Sunshine Limited (PLSL) owns and operate a 20 MW solar power project selling power under a 25 - year power purchase agreement with Punjab State Power Corporation.
The transaction is expected to be completed once customary closing conditions and approvals are obtained. Greenstone Energy Advisors is acting as the exclusive financial advisor to PLIL for the transaction.