Emmvee Subsidiary to Invest Rs. 8.544 Crore in Renewable Energy SPV
Filing Summary
Emmvee Photovoltaic Power Ltd’s subsidiary, Emmvee Energy Private Limited, will invest up to Rs. 8.544 crore in Clean Renewable Energy KK 1C Private Limited, a project SPV. This investment is part of the Group Captive and Open Access Power Purchase Framework. The acquisition involves a 14.35% stake in the SPV, which is linked to a 175 MW hybrid project in Karnataka. The transaction is expected to be completed within one month. This move aligns with Emmvee’s focus on cost-effective renewable energy procurement.
Emmvee Photovoltaic Power Ltd has announced that its wholly owned subsidiary, Emmvee Energy Private Limited, will invest up to Rs. 8.544 crore in Clean Renewable Energy KK 1C Private Limited. This investment falls under the Group Captive and Open Access Power Purchase Framework. The subsidiary will acquire a 14.35% stake in the project SPV, which is involved in the generation and sale of power.
The financial terms of the transaction specify a cash consideration of Rs. 8.544 crore. The investment will be directed towards acquiring equity shares in Clean Renewable Energy KK 1C Private Limited. The SPV has a paid-up share capital of Rs. 18.39 crore. The acquisition does not constitute a related party transaction, and there is no promoter or promoter group interest involved.
The scope of the investment is centered around the renewable energy sector. Clean Renewable Energy KK 1C Private Limited is linked to a 175 MW hybrid project located in Karnataka. The SPV was incorporated on August 5, 2024, and is focused on the generation and sale of renewable power. As of the fiscal year 2024-25, the SPV reported no turnover.
The investment is aimed at ensuring cost-effective procurement of renewable energy. This aligns with Emmvee’s strategic focus on enhancing its renewable energy capabilities. The transaction does not require any governmental or regulatory approvals, facilitating a smoother acquisition process.
The completion of the acquisition is anticipated within one month, subject to any mutually agreed extensions between the parties involved. This timeline is indicative and may vary based on the progress of the transaction.
Clean Renewable Energy KK 1C Private Limited is a project-specific vehicle established to manage the 175 MW hybrid project in Karnataka. The SPV focuses on the renewable energy sector, contributing to the generation and distribution of power within India.
Emmvee Photovoltaic Power Ltd is engaged in the development and management of photovoltaic power projects. The company prioritizes investments in renewable energy to enhance its portfolio and ensure sustainable energy solutions. Emmvee continues to focus on strategic initiatives that align with its long-term business objectives in the renewable energy sector.