SunEdison plans to acquire two renewable companies for $21.2 Million

SunEdison Infrastructure Limited plans to acquire Megamic Electronics Private Limited and Enrecover Energy Solutions Private Limited, according to a recent corporate filing by the company at the Bombay Stock Exchange (BSE).

SunEdison Infrastructure Limited works as an installer of solar water pumps, solar rooftop panels, among other things. This acquisition is expected to help the company in delivering high-performance solar assets to the customers with improved customer service and visibility, the company stated in its BSE filing.

Megamic Electronics Private Limited is involved in the design, development, and supply of remote monitoring solutions for solar projects.

The acquisition is pegged at Rs 10 million along with 0.3 per cent equity shares of SunEdison in exchange for a 51 per cent stake in Megamic Electronics.

Enrecover Energy Solutions Private Limited manufactures organic Rankine cycle systems for heat recovery and power generation from geothermal resources, biomass, solar, and waste streams. This novel method of heat recovery and clean power generation is likely to complement SunEdison’s current offerings and help launch new innovative clean energy solutions.

The financial consideration for this acquisition is approximately Rs 11.2 million for a 51 per cent stake.

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