Mergers & Acquisitions

Cleansolar Renewable Energy, Divine Solren and Neo Solren—all of which were formed to set up and operate solar plants in Telangana—would be sold for around Rs 340 crore. The transaction is expected to be completed by May 31, 2020.

Led by Indian developer Renew Power’s former CEO Parag Sharma, the joint venture by these global investors aims to install over 4 GW of utility-scale capacity across solar and wind projects.

Mumbai investor Edelweiss Group will gain a controlling stake in the generation assets in a deal which Engie says will allow it to reduce its debt by Rs3,160 crore.

The Chennai-based solar EPC contractor and trader, which formed SIL Rooftop Solar as the new subsidiary in October, has included battery-based energy storage as a focus area in addition to renewable energy projects.

Of these, 1633 charging stations will be fast charging stations and 1003 slow charging stations. With this, about 14,000 charging stations will be installed across the selected cities.

The company sold its 5.95% stake in Sembcorp Energy India—held through subsidiary Gayatri Energy Ventures—for Rs 4067.70 million.

As part of the transaction, both the parties have agreed to ensure that over 30% of the electricity supplied by Adani Electricity Mumbai Ltd will come from solar and wind power plants by the year 2023.

Following equity injection of about Rs 5169 million, Singapore-based integrated energy player has signed an agreement to invest another Rs 4060 million in Sembcorp Energy India Ltd to gain complete control over it and pursue growth in the India renewable energy business.

Mundra Solar Energy will undertake installation and commissioning of solar projects. Kurmitar Iron Ore Mining, on the other hand, will carry out mining activities in the state of Chhattisgarh.

The Chennai-based steam and hot water supply company will acquire 31% of the rooftop solar installer’s equity share capital, instead of 37.5% as agreed upon in July.