Biocon Limited has announced its plan to acquire 26 per cent share in AMPYR Renewable Energy Resources Eleven Pvt Ltd (AREREPL). The deal value is worth Rs 75 million. AREREPL was established on April 13, 2021 as a special purpose vehicle for the production and distribution of solar power. This entity will develop a 30 MWac solar power plant in Benkanhal, Karnataka.
Biocon will buy this stake in AREREPL to increase its use of renewable energy. It will maintain this stake throughout the complete duration of the power purchase agreement and preserve the captive status in accordance with the Electricity Act, share purchase, subscription agreement, and shareholders agreement.
AMPYR Energy invests, develops, operates, and manages renewable energy assets. Also, it provides financing, supply, and risk management strategies for power users.