Hindustan Powerprojects plans solar arm IPO for winter - report

Jun 9, 2014 - Indian power producer Hindustan Powerprojects Pvt plans to carry out planned initial public offering (IPO) for its solar energy subsidiary by end-2014 or the first quarter of 2015, daily the Hindu Business Line said today, citing chairman Ratul Puri.

Hindustan Clean Energy will use the proceeds from the listing to fund 1,000 MW of photovoltaic (PV) projects in India and abroad. The company can raise around USD 1 billion (EUR 736m) from the offering, the newspaper added, citing unnamed sources.

The solar unit currently operates some 320 MW of solar power plants in India and around 120 MW of solar projects in Europe.

Hindustan Power Projects, previously known as Moser Baer Projects Pvt, is engaged in the development of coal and hydropower plants in addition to solar. It is 36%-owned by US private equity major The Blackstone Group LP (NYSE:BX), which invested USD 300 million in the company in August 2010.

(USD 1.0 = EUR 0.736)

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