Consequent to this acquisition, Reliance New Energy Solar holds 25.16% of the total paid-up equity share capital of Sterling & Wilson Renewable Energy (formerly known as Sterling and Wilson Solar Limited).
State-run hydropower producer NHPC will form the joint venture with a capital investment of INR 500 crore, raising a majority stake of 74% with the rest 26% held by Green Energy Development Corporation of Odisha Limited (GEDCOL).
The Mumbai-headquartered natural resources company has acquired Goa-based Nicomet, a producer of cobalt, nickel, and their derivates in India, as it looks to capitalize on the electric vehicles and energy storage boom.
The growth in acquisitions was supported by conducive global financial conditions and accommodative monetary policy maintained by the Reserve Bank of India.
The solar assets, located in the Jodhpur district of Rajasthan, benefit from a long-term power purchase agreement (PPA) with the State discom Maharashtra State Electricity Distribution Company Ltd (MSEDCL).
Cleantech Solar has over 600 MWp of solar portfolio across India and Southeast Asia and aims to achieve a cumulative generation capacity of 3 GW over the next five years.
The acquisition is in line with Virescent’s strategy to acquire operational renewable energy assets that have stable long-term cashflows with government counterparties across India.
The company’s board of directors have approved the formation of a wholly-owned subsidiary for solar PV, wind and hybrid power generation (including battery energy storage systems), green hydrogen, and other renewable energy ventures.
The ‘captive mode’ solar plant installed by Cleantech Solar shall power Siemens’ manufacturing facility located at Kalwa in Maharashtra.
The renewable energy developer’s operational capacity increased to 5,410 MW (4,763 MW solar and 647 MW wind) as of September 30, 2021, a 93% growth from 2,800 MW in September last year. Much of this capacity addition during the year was through the acquisition of operational solar assets.
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