Bharat Serums acquires 26% stake AMP Energy C&I One

Highlights :

  • The commercial and industrial segment is expected to be a major contributor to India’s green energy capacity in the coming decade, as more and more firms sign up for green energy.
  • The push is driven by both ethical, moral, and legal requirements, with the latter especially expected to become more tough in the years to come.

Bharat Serums and Vaccines (BSV), a leading biopharmaceutical company in India, has announced that it has acquired a 26% stake in AMP Energy C&I One. Though both the companies have not yet disclosed the financial details of the deal, the acquisition is meant to supply green energy for its manufacturing facility in Ambernath in Maharashtra. Corporate buyers of renewable energy from captive or dedicated projects are usually mandated to have part ownership of the projects.

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The project life is 25 years and the deal will help Bharat Serums to avoid 6560 tonnes of carbon dioxide emission over the period of the project.

“This reaffirms our belief of enhancing our proportion of solar-based power consumption while complying with regulatory requirements of power consumption and contributing in our own humble way towards India’s commitment of achieving 40 per cent of its installed electricity capacity from non-fossil energy sources by 2030,” said Chirag Mehta, Chief Financial Officer, Bharat Serums.

Bharat Serums statement informs that this acquisition in Amp Energy will help the company to become carbon-neutral company by 2050. The vaccine manufacturer also wants to achieve water neutrality, product stewardship and an integrated management system by the deadline.

In February, Cipla – another pharma giant – had announced that it will procure 16MW green energy from Amp Energy’s open access solar project that will be commissioned in Osmanabad, Maharashtra. Cipla had executed a share subscription and shareholder agreement, and a Power Purchase Agreement with an aim to decrease its carbon footprint by increasing the share of renewable energy.

In January, German major Bosch Limited executed a PPA with Amp Energy to access 30 MW from the latter’s solar power plant in Mallat Village of Raichur district in Karnataka. The period of contract is 25 years. The contracted energy volume is to energize three Bosch’s plants/facilities in and around Bangalore and help mitigate about 31,000 tons of CO2 per annum.

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