Siemens has acquired C&S Electric’s around 99.22% equity share capital for INR 2,100 crore. The acquisition will allow it to address the rising demand for low-voltage power distribution solutions in India. Apart from gaining easy access to the Indian market, the transaction also aims to create an export hub.
Proceeds from the transaction with RMG Acquisition will be used to support ReNew’s growth strategy, including the buildout of its contracted, utility-scale renewable power generation capacity and to reduce debt.
The Indian multinational has acquired a 51% stake in Brazilian company Fasttel Engenharia Ltd that specializes in engineering, procurement and construction (EPC) of power transmission, substation and distribution services.
The pan-Asian renewable energy development platform, owned by Australian investment bank Macquarie’s Green Investment Group (GIG), has acquired a majority stake in Hyderabad-based commercial solar developer Vibrant Energy.
The clean energy major has raised investment from Finnish impact investor Finnfund in its public charging point operator business Fortum Charge and Drive India.
With the latest acquisition, the total operating renewable portfolio of the joint venture between Adani Green Energy and the French oil and gas major has reached 2,353 MW.
The Indian developer formed the joint venture to allow Total Solar Singapore—French oil and gas giant Total’s renewable arm—acquire half the stake in its 2.1 GW of current operational PV portfolio in India.
The purchased solar portfolio is relatively young, with average remaining power purchase agreement life of around 21 years.
The company cited delay in sale completion of Neo Solren as the reason for the pact’s cancellation with CLP India. The subsidiary was formed to set up and operate solar plants in Telangana.
The coal-fired power generator is exploring new avenues of business with thrust on sectors that do not require huge amount of debt and are focused on new technologies. It has decided to participate in coal block auction process with a view to profitably mine and sell coal commercially.
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