Industrial gas producer Linde India has acquired a 26% equity stake in a 32.5 MW solar plant to source the power generated for self-consumption. The PV plant developed by Indian developer Avaada Group through a special-purpose vehicle called Avaada MHYavat.
Linde purchased 1.13 crore equity shares of Avaada MHYavat for INR 11.4 crore to raise the 26% stake. The investment will help it replace high-tariff grid power with lower-cost and “green” solar power under the open access route.
Avaada Energy has commissioned over 2.2 GW of utility-scale solar PV projects across nine states in India. Last year, it installed 1 GW, the largest among all the renewable energy IPPs in India. The company targets 5 GW of installed capacity by December end of this year and 11 GW by 2025.
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