Mahindra Renewables completes sale of solar arm to CLP India


Mahindra & Mahindra has announced its arm Mahindra Renewables has completed the sale of its entire stake in subsidiary Divine Solren Pvt Ltd (DSPL) to CLP India, a part of Hong Kong-based CLP Group.

“Following the sale, Mahindra Renewables’ shareholding in Divine Solren has come down to Nil, and it has ceased to be the subsidiary of Mahindra Renewables and consequently of the Company”—said the company statement.

As per the share purchase agreement, CLP has acquired 12,080,000 equity shares of Rs 10 each held by Mahindra Renewables in Divine Solren—aggregating to 100% of the paid-up equity share capital—for a consideration of Rs 124.47 crore.

Divine Solren has constructed a 50 MW solar plant in Adilabad district of Telangana. The plant was commissioned in 2017.

Mahindra & Mahindra has also agreed to sell its two other solar arms—Cleansolar Renewable Energy and Neo Solren—to CLP India.

As per the share purchase agreement, CLP will acquire 96,23,000 equity shares of Rs 10 each in Cleansolar Renewable Energy at a price of Rs 113.11 per share, aggregating to Rs 108.85 crore.

Similarly, it will acquire 93,15,000 equity shares of Rs 10 each in Neo Solren at a price of Rs 112.37 per share aggregating to Rs 104.67 crore.

Cleansolar Renewable Energy is a special purpose vehicle formed by the Mahindra group to set up and operate a 30MW solar photovoltaic power plant in Tandur, District Rangareddy South, Telangana. The plant commenced commercial operations in 2016.

Neo Solren was formed to set up and operate a 42 MW solar photovoltaic power plant at Wadekothapally, Warangal District, Telangana, which is operational from October 2017.

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