Bharti Airtel has entered into an agreement for acquisition of equity shares in Avaada MHBuldhana Private Limited a special purpose vehicle formed for the purpose of owning and operating the captive power plant for captive power consumption under electricity laws.
Bharti Airtel has paid Rs. 4.55 crore in aggregate for acquisition/subscription of 45.50 lakh (5.20%) equity shares of Rs. 10 each in tranches.
Avaada MHBuldhana Private Limited, is a group company of Avaada Energy Private Limited (AEPL), and is a pioneer of Indian solar industry. An early entrant, through its associate companies, the organization had developed a portfolio of over 1 GW solar and wind projects across the country and the first Independent Power producer (IPP) to cross 1 GW installed capacity milestone in India. Along the way they were able to attract investors into renewable portfolios from the likes of ADB, FMO – France, Proparco – Netherland and DEG – Germany as a testament to quality.
With an installed base of 1,010 MWp and pipeline of 2,800 MWp, it holds one of the largest renewable energy portfolios in India.