Bharti Airtel has dived into the renewable energy space announcing the acquisition of 5.2 per cent stake in solar power company Avaada MHBuldhana for Rs 4.55 crore in an all-cash deal.
Avaada MHBuldhana Private Limited subsidiary of Avaada Energy Private Limited (AEPL), is a newly-formed company and developing a captive generating solar power plant in Maharashtra which will become operational by March 2021.
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 the 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.
The transaction is expected to close by March 31, 2021.