Mumbai, December 14, 2016: Fonroche Energie SAS, a France based renewable energy developer completed monetization of its wholly owned Indian subsidiaries Fonroche Saaras Energy Pvt. Ltd. (FSEPL) and Fonroche Raajhans Energy Pvt. Ltd. (FREPL) to Hinduja Group, a diversified conglomerate with business interests across automobiles, financial services, engineering, international trading, healthcare, real estate, media and infrastructure. YES SECURITIES’ Sustainable Investment Banking Team (SIB) acted as the exclusive advisor to Fonroche for this landmark transaction. YES SECURITIES is a wholly owned subsidiary of YES BANK.
FSEPL and FREPL cumulatively own and operate 22.3 MW solar projects in Gajner, Rajasthan commissioned during 2013 under National Solar Mission Phase I, Batch 2. These projects have been consistently ranked as the top performing projects setup under the Jawaharlal Nehru National Solar Mission (JNNSM) scheme. This is one of the few cross border Mergers & Acquisitions (M&A) transaction in the solar energy space, a sector which has seen significant capacity addition over the last few years.
Solomon & Co. acted as the legal advisor to Fonroche and Fortitude Law Associates acted as the legal advisor to Hinduja Group for the transaction.
Thierry Carcel, CEO of Fonroche Energie SAS, commented: “We decided to sell our assets in India because Fonroche is seeing an enormous growth in the Latin American market and needed to reallocate its resources. We are very satisfied about the collaboration with YES SECURITIES’ Sustainable Investment Banking (SIB) team, which was able to find the right match for the assets, and made the whole process quite smooth for us”
YES SECURITIES’ Sustainable Investment Banking (SIB) team acted as the exclusive advisor for this transaction. Speaking on this occasion, Mr. Vikas Dawra, Senior President, YES SECURITIES said, “YES SECURITIES, a wholly owned subsidiary of YES BANK has deep rooted understanding and expertise in the renewable energy space and is privileged to have executed one of the few cross border M&A transactions in the solar energy sector. YES SECURITIES is actively working on more such marquee deals in the renewable energy space. The SIB team has now successfully concluded five renewable energy M&A transactions in the last 12 months, which makes us the No. 1 renewable energy M&A advisor in the country by volume.”
About Fonroche Energie SAS
Fonroche Energie SAS is a France based Renewable Energy developer headquartered in Roquefort, near Agen, south-west France. It provides clean energy solutions to an increasingly international customer base. Fonroche has around 250 MWp in operation and more than 300 MW under development across 5 countries.
About YES SECURITIES - Sustainable Investment Banking (SIB) Team
Sustainable Investment Banking (SIB) is a knowledge focused initiative of YES SECURITIES, a wholly owned subsidiary of YES BANK providing investment banking and advisory services to company’s operating in the sustainability space viz. Renewable Energy, Environment & Education.
SIB specializes in private equity fund raising, merger & acquisition, technology transfer, business advisory, corporate restructuring. It has successfully completed 35 transactions in the sustainability space with a cumulative transaction value of USD 7.0 bn
About YES BANK
YES BANK, India’s fourth largest private sector bank is a high quality, customer centric and service driven Bank. Since inception in 2004, YES BANK has grown into a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers. YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 29 states and 7 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.
For more information, please visit the Bank’s website at http://www.yesbank.in/
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