Saatvik Green Energy announced that its wholly owned subsidiary, Saatvik Cleantech EPC has signed a share purchase agreement (SPA) to buy 49% of the shares of Intelligent Hydel Solutions.
“The acquisition, for a cash consideration of INR 1,30,58,500, is expected to be completed within 30 days of the intimation date, subject to the conditions in the SPA,” stated the company.
This strategic move marks Saatvik’s entry into the independent power producer (IPP) business, adding long-term, power purchase agreement (PPA) backed renewable energy assets to its solar module manufacturing and EPC capabilities.
Intelligent Hydel Solutions has secured a PPA with Maharashtra State Electricity Distribution Co. Ltd (MSEDCL) to build a 41 MW AC solar power plant in Maharashtra. The plant will provide clean power as part of a state-led program to solarise agricultural and rural demand. After the deal is completed, RMC Switchgears Ltd will retain 51% of IHSPL, with Saatvik Cleantech EPC owning the remaining 49%.
“This proposed acquisition is a key milestone in Saatvik’s journey toward building a diversified and integrated renewable energy portfolio,” said Prashant Mathur, CEO of Saatvik Green Energy. “We’re taking our first real step into the IPP space by adding a 41 MW project in Maharashtra that is backed by a power purchase agreement (PPA). At the same time, we’re continuing to build on our strong foundation in solar module manufacturing and EPC.”
Saatvik Green Energy currently operates a 4.8 GW module manufacturing facility in Ambala, Haryana, and is developing a Greenfield integrated manufacturing facility in Odisha with 4 GW of module capacity and 4.8 GW of solar cell capacity.
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