Syngene to acquire 26 per cent share in Ampyr’s SPV

Syngene International has agreed to buy a 26 per cent share in Ampyr Renewable Energy Resources Eleven Private Limited (AREREPL), a special purpose vehicle (SPV) of Ampyr India Asset Holdings to purchase power from a 50 MW open access solar project in Koppal district, Karnataka. AREREPL was established in April 2021 as a SPV for the production and distribution of solar power. The captive solar project will be completed in one or more tranches as part of the transaction. The estimated cost of the project is Rs 32 million.

Recently in June 2022, Biocon Limited announced its plan to acquire 26 per cent share in AREREPL. The deal value was worth Rs 75 million. Biocon Limited will develop a 30 MWac solar power plant in Benkanhal, Karnataka. The company will buy this stake in AREREPL to increase its use of renewable energy.

Recently, the Ministry of Power (MoP) has issued the Electricity (Promoting Renewable Energy Through Green Energy Open Access Rules) 2022. Under the new regulations, consumers with a contracted demand or sanctioned load of 100 kW or more will be eligible for green energy open access. There will be no load limitation for captive consumers. The nodal agency will allow all applications for open access to green energy within fifteen days.

Furthermore, the rules will be applicable to the generation, purchase, and consumption of green energy, as well as energy generated by waste-to-energy projects. As per the regulations, from the date of commencement of these rules, there will be a uniform renewable purchase obligation on all obligated entities in the area of a distribution licence. Within 15 days, the nodal agency should allow all applications for open access to green energy.

A central nodal agency will be set up and operate a single-window green energy open access system for renewable energy. Banking of surplus green energy with the distribution licensee mandated. It has also included the green hydrogen/green ammonia for fulfilment of its RPO. Consumers will be given the green certificates if they consume green power. The cross-subsidy surcharge and additional surcharge shall not be applicable if green energy is utilized for production of green hydrogen and green ammonia.

 

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