Solar developer Amplus Solar has announced the acquisition of 17 on-site operational solar projects from Sterling and Wilson Private Limited.
Spread over Haryana, Punjab, Madhya Pradesh, Rajasthan, Maharashtra, Telangana, and Karnataka, these 17 projects totaling 7.2 MW have been supplying solar power to 13 leading industrial, commercial, and institutional customers.
The addition augments the company’s existing portfolio of over 800 MW capacity, catering to more than 200 commercial and industrial (C&I) customer base.
Commenting on the acquisition deal, Sanjeev Aggarwal, Chief Executive Officer, and Managing Director, Amplus Solar, said, “The addition of these assets to our portfolio furthers our commitment to promote the growth of renewable energy in India and provide outstanding service to our ever-increasing customer base.”
Amplus, a member of PETRONAS (Petroliam Nasional Berhad) Group, Malaysia, has been providing low-carbon solutions to C&I consumers through both on-site solar projects (rooftop and ground-mounted) and off-site solar farms. The company’s operational plants are expected to cumulatively generate 14,000 million units of electricity over a 25-year duration.
In March this year, Sterling and Wilson signed an agreement to sell 75 MW of its operational solar assets in Telangana to Adani Green Energy Limited for ?4.46 billion (~$61.45 million). The projects were commissioned in 2017 and had long-term power purchase agreements with the Southern Power Distribution Company of Telangana (TSSPDCL).
In an interview with Mercom in February 2020, Aggarwal had expressed his concern over issues plaguing the rooftop solar market in India. “Although the rooftop solar market continues to grow, several challenges, including policy uncertainty, still pose a threat to the segment. Restrictive policies in states like Uttar Pradesh, Karnataka, and Maharashtra might hinder the growth in the sector,” he had said.
Amplus Solar became the first solar generator to trade solar electricity on India’s Green Term-Ahead Market (GTAM) under the new Central Electricity Regulatory Commission’s norm. The Indian Energy Exchange (IEX) launched the GTAM on its power trading platform in August 2020. The platform provides channels to renewable energy generators for the sale of renewable energy through which buyers can meet their renewable purchase obligations (RPOs). Companies can also purchase green power from IEX without any geographical limitations to be part of RE100.
In April 2019, Malaysia’s state-owned oil and gas company, PETRONAS, acquired Amplus from I Squared Capital.