Greater Noida: Saatvik Green Energy Limited, one of India’s fastest-growing fully integrated renewable energy company listed on the BSE & NSE, announced that its wholly owned subsidiary, Saatvik Cleantech EPC Private Limited (“Saatvik EPC”), has signed a Share Purchase Agreement (“SPA”) to buy 49% of the shares of Intelligent Hydel Solutions Private Limited (“IHSPL”).
This strategic deal is the first step for Saatvik to get into the Independent Power Producer (IPP) business. It will add long-term, PPA-backed renewable energy assets to its solar module manufacturing and EPC capabilities.
IHSPL has signed a Power Purchase Agreement (PPA) with Maharashtra State Electricity Distribution Company Limited (MSEDCL) to build a 41 MW AC solar power plant in Maharashtra. The plant will provide clean power as part of a state-led program to solarise agricultural and rural demand. After the deal is completed, RMC Switchgears Limited will retain 51% of IHSPL, while Saatvik Cleantech EPC Private Limited will own the remaining 49%.
Prashant Mathur, CEO of Saatvik Green Energy Limited, said, “This proposed acquisition is a key milestone in Saatvik’s journey toward building a diversified and integrated renewable energy portfolio.” We’re taking our first real step into the IPP space by adding a 41 MW project in Maharashtra that is backed by a power purchase agreement (PPA). At the same time, we’re continuing to build on our strong foundation in solar module manufacturing and EPC. This partnership-driven model lets us make long-term, sustainable value for our stakeholders and help India reach its goals for clean energy and rural electrification.”
