Real estate company DLF Cyber City Developers has partnered with Cleantech Solar India to set up a solar plant for self-consumption. The company, through its arm DLF Info City Chennai, has agreed to acquire a 26.43% stake in Suncloud Solar, a special purpose vehicle of Cleantech Solar India OA 2 set up to build the plant.
The acquisition will take place at an equity valuation of INR 8.41 crore ($1.03 million).
Suncloud Solar will undertake the construction, operation and maintenance of the captive generating plant and supply the power generated to DLF under a power purchase agreement (PPA).
Notably, to qualify as a captive user in terms of the Electricity Act, 2003 and the allied rules, the acquiring company must subscribe to equity shares comprising at least 26% of the issued and paid-up equity share capital of the target entity.
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: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.