CESC Ltd on Friday said one of its step-down subsidiaries has completed the acquisition of a company that is in the process of implementing a 300-MW solar park in Rajasthan. The acquisition aims at bolstering the renewable energy portfolio of the power utility.
In a regulatory filing, CESC said Purvah Green Power has completed the acquisition of the 100 per cent stake in Bhadla Three SKP Green Ventures at a consideration of Rs 3.84 crore.
The power utility said that the acquired company is developing a solar park with a capacity of 300 MW in Phalodi district of Rajasthan, and its operations are entirely based in India.
“The target company has not yet generated any revenue, as its project is still under development. However, it has obtained the necessary approval from the central transmission unit for interstate evacuation of solar power with a capacity of 300 MW and has partially acquired land,” CESC said in the filing.
The power utility did not provide details regarding the additional investment required to complete the solar park project.
The RP-Sanjiv Goenka group’s flagship company had earlier expressed its intention to acquire over 50,000 acres in Rajasthan and Gujarat to build its 3 GW hybrid renewable energy portfolio.
The company was exploring possibilities for substantial investments in renewable energy generation of up to 3 GW in a hybrid portfolio through its subsidiaries in multiple states across the country.
