Gaw Capital has submitted a non-binding offer, the people said, requesting anonymity, adding that Avendus Capital is managing the sale.
The funds will be used by Atria to repay mezzanine financing, which combines debt and equity financing elements. Atria Power has a 600-megawatt (MW) portfolio, with roughly 250 MW dedicated to the commercial and industrial (C&I) sector.
Gaw Capital, a private equity firm with $35.7 billion in assets under management, had previously explored investment opportunities in India, including considering purchasing a majority stake in rooftop solar power producer CleanMax Enviro Energy Solutions Pvt. Ltd, Mint reported.
“The talks between Gaw Capital and Atria Power Corp. are at an advanced stage,” said one of the two people cited above, requesting anonymity.
An Avendus Capital spokesperson declined to comment on the development, citing company policy.
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