星期日, 25 5 月, 2025
Home PV News Mahindra Renewables to sell 3 solar arms to CLP India

Mahindra Renewables to sell 3 solar arms to CLP India

Cleansolar Renewable Energy, Divine Solren and Neo Solren—all of which were formed to set up and operate solar plants in Telangana—would be sold for around Rs 340 crore. The transaction is expected to be completed by May 31, 2020.

Source:Pv magazine

Mahindra & Mahindra has announced its arm Mahindra Renewables has agreed to sell its entire stake in three subsidiaries to CLP India, a part of Hong Kong-based CLP Group, for around Rs 340 crore.

“Following the sale, Mahindra Renewables’s shareholding in Cleansolar Renewable Energy Pvt Ltd (CREPL), Divine Solren Pvt Ltd (DSPL) and Neo Solren (NSPL) would come down to Nil, and CREPL, DSPL, NSPL will cease to be the subsidiaries of MRPL and consequently of the Company”—said the company statement.

As per the share purchase agreement, CLP will acquire 96,23,000 equity shares of Rs 10 each in CREPL at a price of Rs 113.11 per share, aggregating to Rs 108.85 crore.

Similarly, it will acquire 12,080,000 equity shares of Rs 10 each in DSPL at a price of Rs 104.57 per share, aggregating to Rs 126.32 crore.

CLP will also buy 93,15,000 equity shares of Rs 10 each in NSPL at a price of Rs 112.37 per share aggregating to Rs 104.67 crore, the filing said.

CREPL is a special purpose vehicle formed by the Mahindra group to set up and operate a 30MW solar photovoltaic power plant in Tandur, District Rangareddy South, Telangana. The plant commenced commercial operations in 2016.

DSPL has constructed a 50 MW solar plant in Adilabad district of Telangana. The plant was commissioned in 2017.

NSPL was formed to set up and operate a 42 MW solar photovoltaic power plant at Wadekothapally, Warangal District, Telangana, which is operational from October 2017.

In the fiscal ended March 31, 2019, CREPL had a turnover of Rs 39.15 crore, while DSPL’s and NSPL’s turnover stood at Rs 54.18 crore and Rs 42.68 crore, respectively.

The net worth of CREPL for the year ended March 31, 2019 was Rs. 63.96 crore, while DSPL’s and NSPL’s net worth was Rs 85.78 crore and Rs 72.96 crore, respectively.

The transaction is expected to be completed by May 31, 2020.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Eku Energy acquires Bluestone BESS pipeline

Battery energy storage system (BESS) firm Eku Energy has acquired Bluestone Energy’s BESS portfolio. Eku Energy has taken on seven planned BESS projects from renewable...

Intersolar Europe 2025: Sungrow Debuts Revolutionary Renewable Energy Breakthroughs

Sungrow, the global leading PV inverter and energy storage system (ESS) supplier, showcased a broad range of solar, storage, EV charging, module-level power electronics...

Reliability in Extreme Latitude: Sungrow Deploys 60MWh Battery Storage Project Close to the Arctic Circle

Sungrow, the global leading PV inverter and energy storage system provider, announces the successful deployment of the 60MWh battery storage project in Simo, Finland....

Jinko ESS partners with Filkab to launch dual-track energy storage strategy in Bulgaria

Jinko ESS has announced the signing of a contract with leading Bulgarian energy solutions provider Filkab to implement a dual-track energy storage strategy aimed...