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JP Morgan-backed Leap Green Energy buys DLF’s Rajasthan wind turbines for $11M

DLF Home Developers (DHDL), a subsidiary of real estate major DLF Ltd, has completed the sale of its 33MW wind turbines located at Rajasthan to Violet Green Power Pvt Ltd, a subsidiary of Leap Green Energy Pvt Ltd by way of slump-sale for Rs 67.44 crore ($10.9 million), as per a stock market disclosure.

The deal is a part of DLF's objective of divesting its non-core assets to cut debt.

The wind power unit in Rajasthan is one of the two sets of assets being sold to Leap Green Energy. In April, DLF disclosed it has signed a deal to sell its wind power assets in Tamil Nadu and Rajasthan to Leap Green Energy for a total consideration of Rs 240 crore.

It was to sell the Tamil Nadu wind mill undertaking of 34.5 MW capacity, including related assets and liabilities (including current assets and liabilities) and relevant 

long-term loans of the said undertaking, for Rs 188.7 crore. It also said that it is selling its 33 MW Rajasthan wind mill for Rs 52.2 crore.

This means at the final closing DLF, has pocketed a tad higher than what previously announced in its disclosure for the Rajasthan assets.

Its other deal for the Tamil Nadu wind power business is yet to be completed. DLF has also signed a deal to sell its assets in Karnataka, which once done would mean a final exit of DLF from the renewable energy business.

In July this year, the firm completed sale of its Gujarat-based wind power project to BLP Vayu Pvt Ltd, a subsidiary of Bharat Light & Power Pvt Ltd, for around Rs 325.38 crore.

DLF had a total of four wind turbine projects in Gujarat, Rajasthan, Karnataka and Tamil Nadu.

Leap Green Energy is a privately held firm promoted by Indian Formula One racer Narain Karthikeyan and his family. The company was founded and promoted by Rajeev Karthikeyan, Devanand Vijayan, Narain Karthikeyan and Srihari Balakrishnan. It is backed by JP Morgan Asset Management, which invested close to Rs 200 crore in two tranches in 2010. Leap Green Energy’s website indicates that it is an independent power producer dedicated to renewable resources.

(Edited by Joby Puthuparampil Johnson)

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