Sangam Renewables, a Waaree Group company, has completed the sale of its entire stake (51%) in step-down arm Waacox Energy to Aditya Birla Renewables for INR 41,60,35,305.
Sangam Renewables is a Mumbai-headquartered commercial and industrial solar solutions provider. The comapny, along with Aditya Birla Renewables, co-developed 24 MWp of solar plants through Waacox Energy. These projects benefit from power purchase agreements with Maharashtra discom Mahagenco.
Aditya Birla Renewables, which earlier held a 49% stake in Waacox Energy, shall now own a 100% stake in these assets.
Sangam Renewables shall use the proceeds to reduce its short-term debt.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: firstname.lastname@example.org.