Biotech Major Biocon Takes 26% Stake in Hinduja Renewables Two

Bengaluru-based biotechnology major Biocon has entered into an agreement for the acquisition of a 26 percent equity stake in Hinduja Renewables Two.

Bengaluru-based biotechnology major Biocon has announced that it has entered into an agreement on November 21, 2020, for the acquisition of a 26 percent equity stake on a fully diluted basis in Hinduja Renewables Two Private Limited (HRTPL), a special purpose vehicle (SPV) formed for the purpose of power generation and developing a captive power plant as per Electricity laws.

As per a corporate filing issued by Biocon, the acquisition of a 26 percent stake in the SPV will cost the firm around Rs 5.91 crore (Rs 5,91,61,730). The indicative time period for completion of the acquisition is December 15, 2020.

According to the release, the objective of the acquisition is to enhance renewable based power consumption. Biocon will acquire and maintain a 26 percent stake on a fully diluted basis in HRTPL throughout the term of the Power Purchase Agreement to maintain captive status as per Electricity Act.

HRTPL was incorporated on September 25, 2020, which will engage in the business of power generation and will develop a 19.77 MW wind power plant (captive) at Raichur District of Karnataka.

In October, Adani Green Energy Limited (AGEL), the renewable energy business of the Adani Group, had announced that it has completed the acquisition of 205 MW operating solar assets from Essel Green Energy Private Limited (EGEPL) and Essel Infraprojects Limited (EIL).

The assets are located in Punjab, Karnataka and Uttar Pradesh, and all of them have long term Power Purchase Agreements (PPAs) with various state electricity distribution companies. The portfolio is relatively young with average remaining PPA life of approximately 21 years. The acquired assets will be held 100 percent by Adani Renewable Energy Holding Ten Limited, a 100 percent subsidiary of AGEL.

Later, the assets were acquired by Adani Green Energy Twenty-Three Ltd (AGE23L), which is a joint venture (JV) jointly controlled by Total Solar Singapore and Adani Green Energy Limited (AGEL). 

"Want to be featured here or have news to share? Write to info[at]saurenergy.com
Ayush Verma

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.

      SUBSCRIBE NEWS LETTER
Scroll