The board of beleaguered Infrastructure Leasing & Financial Services Ltd (IL&FS) on Wednesday initiated the process of exploring the sale of controlling stake in group’s renewable assets, the company said in a statement.

Renewable portfolio divestment is a part of IL&FS asset monetisation strategy aimed at paring its ₹91,000-crore debt.

The renewable energy assets include operational wind projects with cumulative capacity of 873.5 MW and under construction wind projects with aggregate capacity of 104 MW as well as asset management services for the operating wind projects and business division conducting project development and implementation of wind projects. The wind portfolio has earlier been valued at ₹4,500-5,000 crore.

IL&FS Renewable assets for sale include businesses engaged in development and implementation of solar power projects for corporate customers with under construction projects of around 300 MW capacity, the company said.

It added that these assets could be sold either together or separately or in a combination.

IL&FS will be inviting Expressions of Interest (EoI) for these assets in order to “advance the process for putting together resolution plan(s) for the IL&FS group, based on market interest and price discovery for various assets,” the company added.

IL&FS earlier appointed Arpwood Capital Pvt Ltd and JM Financial Ltd as Financial & Transaction Advisors, along with Alvarez & Marsal as Resolution Consultants.