London-listed OPG Power Ventures Plc has announced the sale of its minority stake in a portfolio of four solar assets in southwest India, signaling a strategic shift in focus towards its flagship coal-fired thermal plant.
The company has sold a 31% interest in each of the four solar assets, totaling 62 MW in capacity, for a total of GBP 291,000 (USD 369,000/EUR 340,000). This move comes as OPG looks to divest its interests in the solar sector, citing the impact of Covid-19.
The solar portfolio, comprising three 20 MW sites and one 2 MW site in Karnataka commissioned in 2018, was part of OPG's efforts to diversify its energy portfolio. However, the company has now decided to exit these assets, retaining only its debentures of around GBP 10.8 million subscribed in these solar assets.
Commenting on the sale, a spokesperson for OPG stated, “We are pleased to have successfully divested our stake in the solar assets. This strategic decision allows us to refocus our efforts on our core business operations.”
Following the sale, OPG will continue to operate its flagship 414-MW coal-fired thermal plant in Tamil Nadu, near the ports of Ennore and Chennai. The company's decision to streamline its operations aligns with its India-focused strategy, emphasizing its commitment to the coal-fired power sector.
