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.
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