CESC acquires company engaged in 300 MW solar park under construction in Rajasthan – EQ
In Short : “CESC acquires a company involved in the construction of a 300 MW solar park in Rajasthan, expanding its renewable energy portfolio and reinforcing its commitment to sustainable power generation.”
In Detail : KOLKATA : CESC Ltd on Friday said one of its step-down subsidiaries has completed the acquisition of a company which is in the process of implementing a 300-m solar park in Rajasthan.
The acquisition is aimed at strengthening the power utility’s renewable energy portfolio.
In a regulatory filing, CESC said Purva Green Power has completed the acquisition of 100 per cent stake in Bhadla Three SKP Green Ventures for Rs 3.84 crore.
The power utility said the acquired company is developing a solar park with a capacity of 300 MW in Phalodi district of Rajasthan, and its operations will be entirely based in India.
“The target company has not earned any revenue yet, as its project is still under development. However, it has obtained the necessary approvals from the Central Transmission Entity for interstate offtake of solar power with a capacity of 300 MW and The land has been partially acquired.” CESC said in the filing.
The power utility did not provide details about the additional investment required to complete the solar park project.
The RP-Sanjiv Goenka Group flagship company had earlier expressed its intention to acquire over 50,000 acres of land in Rajasthan and Gujarat to build its GW hybrid renewable energy portfolio.
The company was exploring the possibility of substantial investment in renewable energy generation up to 3 GW in hybrid portfolio through its subsidiaries in several states across the country.
