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O2 Power to Power Captive Solar Power to APM Terminals
Contract research and manufacturing firm Syngene International has announced that it has inked a pact to acquire an equity stake up to 26 per cent in O2 Renewable Energy II. The stake is picked up to maintain the captive status of the renewable energy project that O2 power will set up, as per regulatory norms .
O2 Renewable Energy II is a special purpose vehicle (SPV) that belongs to O2 Energy SG. It was formed for the production and supply of renewable power. The acquisition by Syngene is aimed at getting clean energy.
According to disclosure by Syngene, the deal is happening for a cash consideration of Rs 3 crore. Syngene said that share transfer would take place in one or more tranches.
Syngene held, "To enhance the renewable based power consumption, Syngene International will acquire and maintain upto 26% stake in O2 throughout the term of the power purchase agreement to maintain captive status as per electricity act, share purchase/ subscription agreement and shareholders agreement." For the year ended April 20 to March 2021, Syngene had declared that 82% of it's electricity needs were met from renewable sources. Thus, it should be a reasonable assumption to expect the firm to report a 100% renewable sourcing by end of FY 2023 next year.
Like most other corporate deals, Syngene will pay a fixed rate for the power from the renewable plant, with a long term PPA
Going Green Fast
In July, 2022, Syngene had announced its plans for the Acquisition of 26 per cent Stake in Ampyr Renewable Energy Resources Eleven. This company is a special purpose vehicle (SPV) formed by Ampyr India Asset Holdings.
Syngene said that the deal was inked against a consideration of Rs 3.2 crore. Under the terms of agreement, Syngeneic would take a 26 per cent stake in Ampyr Renewable Energy Resources Eleven throughout the term of the Power Purchase Agreement (PPA) to maintain captive status as per Electricity Act, share purchase or subscription agreement, and shareholders agreement.
The Biocon Limited promoted Syngene is a key player in the CRAMs space in India with a global footprint that drives the need to shift to more sustainable practices faster than most.