Bharti Airtel Increases Stake in Avaada SPV for Captive Solar Project

Bharti Airtel has now acquired an additional 3.33% equity in the Avaada SPV – Avaada MHBuldhana for a reported Rs 2.914 crore.

Bharti Airtel has announced that in furtherance to its acquisition of 5.2 percent equity shares in Avaada MHBuldhana Private Limited – a Special Purpose Vehicle (SPV) of the Avaada Group formed for the purpose of owning and operating the Captive Solar Power Plant in November 2020, it has now acquired an additional 2,914,100 equity shares (approximately 3.33 percent) at Rs 10 per equity share in the SPV.

The firm has stated that the indicative time for completion of the acquisition is April 30, 2021.

Avaada MHBuldhana is a Group Company of Avaada Energy Private Limited (AEPL), which is a pioneer of the Indian solar industry. An early entrant, through its associate companies, the organization had developed a portfolio of over 1 GW solar and wind projects across the country and was also the first Independent Power producer (IPP) to cross the 1 GW installed capacity milestone in India. With an installed base of 1010 MWp and a pipeline of 2800 MWp, the group holds one of the largest renewable energy portfolios in India.

Airtel has also detailed in its regulatory filing that the turnover of the SPV as of March 31, 2020, is NIL. And that it has paid a combined Rs 7.464 crore for the acquisition of 8.53 percent equity share in the SPV, with the objective of owning and operating the Captive Power Plant which the SPV is developing in Maharashtra and is expected to become operational by March’ 2021.

In October 2020, a month before its acquisition of equity shares in Avaada MHBuldhana, Airtel had announced its entry into the renewable segment with the acquisition of a 26 percent stake in AMPSolar Evolution for a total value of Rs 8.4 crore. The firm had signed an agreement with the renewable energy company to meet the green energy needs and optimise energy costs, as well as to comply with the regulatory requirement around the consumption of electricity.

AMPSolar Evolution was a wholly-owned subsidiary of AMPSolar Technology and a special purpose vehicle for the purpose of setting up captive solar power projects in Uttar Pradesh.

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Ayush Verma

Ayush is a staff writer at saurenergy.com and writes on renewable energy with a special focus on solar and wind. Prior to this, as an engineering graduate trying to find his niche in the energy journalism segment, he worked as a correspondent for iamrenew.com.

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