Jubilant Ingrevia, a Noida-based integrated life sciences company, has signed an agreement with AMP Energy C&I Private Limited, a wholly-owned subsidiary of AMP Energy, to acquire a 26.6 per cent stake in AMP Green Energy Fifteen Private Limited. The acquisition was made in order to set up a 15.5 MW solar project in Maharashtra for captive power generation.
The interest would be acquired by Jubilant Ingrevia through a mix of equity shares and a Rs 51.1 million subscription of compulsory convertible debentures (CCDs). Equity shares will be worth Rs 10 each, while CCDs will be worth Rs 1,000 each. The acquisition is expected to be completed within six months. As per a company statement, the acquisition is in line with its green energy goals and meets the regulatory need for captive power use under the electricity regulations. The deal will also benefit the corporation in lowering its energy expenditures.
In September 2021, Amp Energy India installed a 2.4 MW solar power plant at Pondicherry University in the union territory of Puducherry. The project, is spread across 15 buildings, two parking lots, and two land parcels on the university campus. It has been developed under the 97.5MW rooftop scheme by Solar Energy Corporation of India (SECI). Pondicherry University and Amp Energy India signed a power purchase agreement (PPA) under this scheme for procurement of solar power for a period of 25 years.