Piramal Sells Loans To Brookfield

Piramal Enterprises is in talks to sell $300 million (?2,200 crore) of loans advanced to three renewable energy companies to Brookfield Asset Management, sources said. Canada-based Brookfield plans to build a credit portfolio in India and consolidate its investments in renewable power sector. Piramal Capital & Housing Finance, a unit of Piramal Enterprises had lent about $300 million to ReNew Power, Atria Power and Acme Solar in 2016 and 2017. At that time, the Piramal group was increasing its investments in renewable energy and had planned to set up an aggregation and investment platform for renewable energy assets. Piramal lent ?700 crore to Acme Solar and ?750 crore to ReNew Power as structured credit in 2017. The company disbursed a similar amount to Bengaluru-based Atria Power. Piramal now plans to sell the loans in the face of financial pressure following the Covid-19 pandemic, according to sources.