Bharti Airtel announced it will acquire 5.2 per cent stake in Avaada MHBuldhana, a solar power firm, for Rs 4.55 crore.
Avaada MHBuldhana Private Limited, a subsidiary of Avaada Energy Pvt. Ltd(AEPL), is a newly-formed company that is developing a captive generating solar power plant in Maharashtra which will become operational by March 2021, Bharti Airtel said in an exchange filing.
AEPL has developed a portfolio of over 1 gigawatt solar and wind projects across the country and the first independent power producer to cross 1 GW installed capacity milestone in India, according to a regulatory filing by Bharti Airtel.
“The company has entered into an agreement on November 19 for acquisition of equity shares in Avaada MHBuldhana Private Limited a special purpose vehicle formed for the purpose of owning and operating the captive power plant, in terms of the regulatory requirement for captive power consumption under electricity laws,” it added.
“With an installed base of 1010 MWp (megawatt peak) and pipeline of 2800 MWp, (Avaada Energy) holds one of the largest renewable energy portfolios in India,” it said.
The transaction is expected to close by March 31, 2021.
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