CESC Acquires 300 MW Under-Construction Solar Park Developer In Rajasthan

CESC Acquires 300 MW Under-Construction Solar Park Developer In Rajasthan

CESC Limited has announced the acquisition of a solar park of 300 MW capacity at Nokh and Gelaba Camp Village, Pokaran Tehsil in Phalodi District, Rajasthan. The company has acquired the solar park from SKP Green Ventures Private Limited.

According to a filing by CESC limited, Purvah Green Power Private Limited, a step-down subsidiary of CESC Limited has done the acquisition of 100% of the share capital of Bhadla Three SKP Green Ventures Private Limited, from SKP Green Ventures Private Limited. As part of the agreement, Purvah has completed the acquisition of ten thousand equity shares of Rs 10 each, representing one hundred percent of the issued and paid-up share capital of the Bhadla Three SKP Green Ventures Private Limited for a total sale consideration of Rs 3.84 crore.

Further, in its regulatory filing, CESC Limited has said that the target company was incorporated on 25-06-2022 in the state of Rajasthan, India to generate solar energy. Target Company is developing a solar park of capacity 300 MW in the Phalodi District of Rajasthan state and its entire operation is based in India. Target Company has so far not generated any revenue as its project is still under development. Target Company has acquired necessary approval from the Central Transmission Unit for the Interstate evacuation of solar power 300 MW capacity and has completed the partial acquisition of land.

Bhadla Solar Park in Rajasthan is among the biggest solar parks in India. Spread across 56 sq km, it currently has a capacity of 2,245 megawatts.

In other news, Avada Energy, the renewable energy arm of Avaada Group, has announced the successful closure of one of the largest refinancing transactions in India’s renewable energy sector, securing about Rs 4,471 crore from the state-owned lender, the National Bank for Financing Infrastructure and Development (NaBFID). Power Grid Corporation of India, POWERGRID, has also announced that it has won the contracts to establish three inter-state transmission systems (ISTS) projects on a build, own, operate, and transfer (BOOT) basis to evacuate 18 GW of power from several plants based in Rajasthan.