Varun Beverages To Pick Stake In UP, Maharashtra Solar Firms

Varun Beverages To Pick Stake In UP, Maharashtra Solar Firms

Gurgaon-based beverages company and PepsiCo franchisee Varun Beverages Limited has announced to invest upto 14% of the Equity Share Capital of Huoban Energy 11 Private Limited, a special purpose vehicle inter-alia engaged to supply solar power to consumers in the state of Maharashtra. Along with that the company also announced its decision to invest upto 14% of the Equity Share Capital of Aspirative Creative Ventures Private Limited, a special-purpose vehicle inter-alia engaged to supply solar power to consumers in the state of Uttar Pradesh. These investments are usually mandated whenever captive power purchase agreements are put in place in India.

According to Varun Beverages Limited, the company intends to obtain solar power (generation and supply) from the company for its facility located in Supa Parner, Sakri, District Dhule, Maharashtra. Solar power is environment friendly and will also reduce the power cost at the said facilities, stated the company. Further, the transaction is expected to be completed by October. Varun Beverages will spend Rs.2.90 crore towards subscribing up to 14% equity shares of the solar company Huoban Energy 11 Private Limited.

Meanwhile, Varun Beverages will be obtaining solar power (generation and supply) from Aspirative Creative Ventures Private Limited for its facility located in Gorakhpur, Uttar Pradesh.  Further, Rs 2.24 crore will be allocated towards subscribing 11,20,000 equity shares of face value Rs. 10 each.

Last year, SunSource Energy commissioned a 9 MW (DC) solar open-access project in Uttar Pradesh (UP) for Varun Beverages.

Apart from this, the latest data from the Central Electricity Authority (CEA) revealed that India’s total solar capacity has surpassed 74 GW. The revelation was made in the CEA’s recent monthly installed capacity report. The CEA report said that by the end of January 2024, India’s total solar energy capacity reached 74.306 GW. Similarly, the country’s total wind energy capacity reached 44.96 GW.