IL&FS invites EoI for subsidiary Ramagiri Renewable Energy

IL&FS has invited Expressions of Interest (EoI) for its stake in its subsidiary Ramagiri Renewable Energy Ltd (RREL).

IL&FS has offered 100 per cent of the issued, subscribed and paid-up share-capital of RREL held by IL&FS Energy Development Company Ltd (IEDCL) together with purchase of the wind mast equipment and solar irradiation measurement equipment owned by IEDCL.

It has invited EoIs from interested parties for the potential acquisition or purchase, on an ‘as is where is’ and ‘as is what is’ basis.

IL&FS and its group companies collectively hold 95.54 per cent of the total issued, subscribed and paid-up share capital of IEDCL. RREL, a 100 per cent subsidiary of IEDCL, owns and operates a 6.5 MW wind farm project with 26 wind turbines having a capacity of 250 KW each at Ramagiri, in Andhra Pradesh’s Anantapur district.

The wind power plant has not been operating since April 2019. IEDCL also owns the fixed assets that are situated at the wind farm site of RREL and are used for gathering meteorological and solar data.

EoIs have to be submitted by 5 p.m. on August 10.