Sindicatum Renewable Energy today announced that it has signed two joint venture agreements to acquire 49 per cent stakes in operating co-generation power units totalling 69 MW at two of Rana Sugar Limited (RSL) sugar complexes located in Moradabad and Rampur, both in Uttar Pradesh.
In addition, Sindicatum will support the development of further co-generation projects with RSL and its major shareholders at other sugar mills and has acquired the option of adding a further 111 MW to its portfolio.
Rana Inder Pratap Singh, Managing Director at RSL said: “We welcome Sindicatum as a partner for our cogeneration business. The joint venture with Sindicatum affirms our long term growth strategy hinged on integrated sugar businesses which deliver value for all stakeholders”.
Assaad W. Razzouk, Sindicatum’s Group Chief Executive said: “We are delighted with our new partnership with Rana and look forward to our joint contribution to India’s goal to achieve clean energy for all. With this partnership, Sindicatum’s total operating renewables capacity is now above 200 MW of clean energy projects in Asia, with an additional pipeline of 400 MW of solar, biomass to energy and biogas to energy projects.”
RSL were advised in this transaction by KPMG India Corporate Finance. Axon Partners LLP India acted as legal advisors to Sindicatum. The transaction is subject to approval by the lenders of RSL and is expected to close in January 2015.
RSL is an integrated sugar manufacturing company with interest in Sugar, Power and Alcohol. RSL is one of the largest producers of sugar in northern India with manufacturing facilities in the states of Punjab and Uttar Pradesh. The company has three operating sugar mills, one in Rampur, one in Moradabad, and one in Amritsar in the states of Uttar Pradesh and Punjab for the production of sugar through the crushing of sugarcane. The company offers white crystal sugar, double refined white sulphur less sugar, plantation white sugar, raw sugar, and molasses. It also manufactures various grades of alcohol, such as rectified spirit, denatured spirit, and potable grade extra neutral alcohol; and involved in the generation of power.
Sindicatum Renewable Energy is headquartered in Singapore and develops, owns and operates renewable energy projects (bagasse co-generation, biogas to energy and solar energy) in South and South East Asia. At the core of Sindicatum’s track record is the proven ability to identify, develop, invest, finance and operate small-scale renewable energy projects in its target markets with a key feature of each of its projects being a secure supply of fuel which ensures projects are not constrained in their ability to generate power or exposed to fuel price risks. Sindicatum has established business units in Bangkok, Beijing, Jakarta, Manila, New Delhi, Singapore and Taiyuan (Shanxi Province, China). Sindicatum operates approximately 208 MW of clean energy assets, with another 400MW under development.