Cipla to Acquire 32% Stake in AMP Energy Green Eleven

Highlights :

  • The drug maker has entered into a shareholder’s agreement and a PPA to acquire the stake on a fully diluted basis.
  • At present AMP has a presence across 15 states in India and maintains a portfolio of 1.5 GW.

India’s major drug manufacturer Cipla has signed a pact to acquire about a one-third stake in AMP Energy Green Eleven. The move is designed to set up a captive solar power project in the state of Maharashtra. Captive generation rules generally mandate that the key consumers must have a minimum 26% stake in the renewable venture supplying power to them.

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Cipla has said in a regulatory filing that the drug maker has entered into a shareholder’s agreement and also a separate power purchase agreement (PPA) to acquire up to 32.49 per cent stake on a fully diluted basis in AMP Energy Green Eleven, the Mumbai-based company said in a regulatory filing.

For Cipla, the new sourcing arrangement is in line with a commitment to enhance the share of renewable power sources in its operation and to comply with regulatory requirements for being a captive user under Indian electricity laws. As far as AMP Energy Green Eleven is concerned, the company was incorporated in November, 2020. It is engaged in the business of generating and supplying electrical power generated using solar energy.

The company has an international exposure in some of the key projects. It has accomplished projects in Canada, US, Japan, Jordan, Australia and many more. In 2020, The Carlyle Group made a $374 million strategic commitment to AMP through a strategic growth investment. The key focus for the firm remains the corporate PPA market, where it has been building up a portfolio of high quality partnerships with corporates across the board for supply of renewable energy.

In India, it calls itself as the country’s first truly balanced renewable energy company. AMP has a presence across 15 states and maintains a portfolio of 1.5 GW. It currently offers green power to 45+ marquee customers across 10+ Sectors such as Pharma, Auto, Data Centers/IT, FMCG, Cement, Infra, Education, Heavy Industry etc.

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