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.
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: email@example.com.