Tech Mahindra to acquire 26 per cent Stake in Huoban Energy

Tech Mahindra, an Indian IT services company, has agreed to purchase a 26 per cent share in Huoban Energy 6, a wholly-owned subsidiary of Fourth Partner Energy. In Pune, Maharashtra, Huoban Energy 6 will commission a 5 MW captive open access solar project to power Tech Mahindra’s facilities. Tech Mahindra’s efforts to increase the use of renewable power in its operations will be aided by this project. Huoban Energy 6 is a new renewable energy generation company that was founded on November 8, 2021.

For Rs 16 million, a 26 per cent stake will be acquired. After signing the agreement, the transaction is scheduled to be finalised within 90 days. While Tech Mahindra has installed rooftop solar plants at all of its facilities, it also plans to acquire renewable energy from captive projects. The company has signed the Business Ambition for 1.5 Degree Celsius pledge, which commits to limiting global warming to 1.5 degrees Celsius. It has adopted a climate action strategy that aims to achieve net-zero emissions by 2040.

In January 2022, ReNew Power sold 138 MWp of its distributed rooftop solar portfolio to Fourth Partner Energy for Rs 6.72 billion. As per a company statement, after accounting for an outstanding debt of Rs 1.37 billion, the sale generated Rs 5.35 billion in cash. Furthermore, ReNew intends to focus more on major utility-scale projects.

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