Hareon Solar India, a wholly owned subsidiary of Hareon Power Singapore, will invest $76.6 million for acquiring a 45 per cent stake in Azure Power Thirty-Seven Private Limited, a wholly owned subsidiary of Azure Power. According to Hareon Power Singapore, the funds will be utilised to develop 118 MW of solar projects in Telangana. A 25-year PPA for the project has been signed with NTPC.
Amaranto Solar Power India, the new arm of Italy-based renewable energy firm Amaranto Group, has launched an investment vehicle dedicated to acquiring PV projects in India. It has already secured exclusive rights to purchase a 110 MW solar project, which was tendered by SECI at $80 million. It aims to raise $100 million in the first half of 2017, and another $200 million by the end of the year. It is targeting a 500 MW acquisition capacity by 2018. For the 110 MW plant, Amaranto will act as general contractor via its own engineering, procurement and construction company, Energia Prima. Amaranto Solar will also act as the co-investor and industrial operator of the plant, providing O&M and asset management activities.