Biocon, Hindalco declare investments in renewable energy

Biocon, Hindalco Declare Investments In Renewable Energy

By Saur News Bureau/ Updated On Thu, Jun 30th, 2022

Highlights :

The announcements from Biocon and Hindalco, both major players in their own sectors, marks yet another step in the spread and use of renewable energy in the C&I segment.
The C&I segment is increasingly being seen as the next big growth driver after utility segment during 2016-23, as far as fresh renewable capacities go.

Biocon, Hindalco Declare Investments In Renewable Energy

The investments in the renewable energy sector by the corporate sector continue to pick up pace on the back of lower energy costs from renewables and ESG led actions.

Biocon – a biotechnology major – has announced that it has acquired 26 per cent stake in AMPYR Renewable Energy Resources Eleven Private Ltd for Rs 7.5 crore.

“We wish to inform you that the company has entered into an agreement for the purpose of acquisition of solar power by acquiring equity stake up to 26% in AMPYR Renewable Energy Resources Eleven Private Limited (AREREPL), a special purpose vehicle formed for generation and supply of solar power,” the company declared in an exchange filing.

Biocon informed that the company will acquire and maintain a 26 per cent stake in AMPYR Renewable throughout the term of the power purchase agreement to maintain captive status as per the Electricity Act, share purchase/subscription agreement and shareholders’ agreement. The entire exercise is aimed at heightening the renewable-based power consumption of Biocon.

AMPYR Renewable is a new firm created in April 2021. A 30 MWac solar power project in Koppal district of Karnataka will be developed by AMPYR Renewable.

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In another filing with the exchanges, India’s aluminium major Hindalco Industries has informed that it will invest in Cleanwin Energy SIX which is a renewable energy generation player. Hindalco will put in Rs 71.5 lakh in the new investment.

The filing reads that Hindalco will gather a 26 per cent stake in the renewable generation company once the deal is complete. Also, Hinalco wants to reduce its energy cost through open access to renewable energy generators through this deal.

Hindalco said in the filing, “Company has contributed its initial equity contribution on 30th May 2022. Further Company will continue to update the project details at a later stage.”