REG - Infrastructure India - Termination of IEL Sale

Infrastructure IndiaAnnouncement

28/05/2024 07:00

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RNS Number : 9582P  Infrastructure India plc  28 May 2024

28 May 2024

 

Infrastructure India plc

("IIP" or the "Company" or, together with its subsidiaries, the "Group")

 

Termination of the Sale of Indian Energy Limited

 

Infrastructure India plc, an AIM quoted infrastructure fund investing directly
into assets in India, announces that on 27 May 2024, it terminated the
conditional agreement ("SPA") for the disposal of Indian Energy (Mauritius)
Limited ("IEL") to FA Power Renewables Private Limited ("FA Power"), announced
on 4 April 2023 and in subsequent updates, due to breach of contract by FA
Power.

 

FA Power has breached the SPA by failing to pay the full consideration for
IEL. IIP has, in good faith, endeavoured to close the transaction at FA
Power's request, as long as the original terms of the SPA were met or
protected. This has not been achieved.

 

IEL is an independent power producer that owns and operates wind farms at two
sites in the states of Karnataka and Tamil Nadu, with 41.3MW of installed
capacity. IEL is in discussions with other buyers and the Company will make an
announcement, as appropriate, in due course.

 

IEL was valued at USD 4.3 million in IIP's unaudited interim results for the
period ended 30 September 2023.

 

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018 (as amended).

 

 

- Ends -

 

Enquiries:

 Infrastructure India plc                 www.iiplc.com (http://www.iiplc.com/)

 Sonny Lulla                              Via Novella

 Strand Hanson Limited                    +44 (0) 20 7409 3494

 Nominated Adviser

 Richard Johnson / James Dance

 Singer Capital Markets                   +44 (0) 20 7496 3000

 Broker

 James Maxwell - Corporate Finance

 James Waterlow - Investment Fund Sales

 Novella                                  +44 (0) 20 3151 7008

 Financial PR

 Tim Robertson / Safia Colebrook

 

 

 

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