O2 Power, a Gurugram-headquartered renewable energy producer, has acquired 55 MW of operating solar assets from Bengaluru-based solar panel manufacturer Emmvee Photovoltaic Power.
The plants are located in the Indian states of Karnataka and Telangana. Out of this, 40 MW capacity in Karnataka has been operational since 2017 and benefits from supply to state electricity distribution companies. The balance capacity of 15 MW, located in Telangana, supplies power to Dr Reddy’s Lab, one of India’s biggest multinational pharmaceutical companies.
O2 Power is backed by Swedish private equity firm EQT Infrastructure and Singapore’s state-owned Temasek. It is one of India’s fastest-growing renewable platforms, with signed power purchase agreements of about 2 GW in aggregate and a 250 MW solar project commissioned in Jaisalmer, Rajasthan.
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