O2 Power, based in Gurgaon, has announced the acquisition of a solar project portfolio from Emmvee Photovoltaic Power, situated in Bengaluru. O2 plans to acquire two solar power projects in Karnataka and Telangana. The total installed capacity of projects to be acquired is 55 MW. They partially supply the distribution companies of the two states with electricity. The remaining capacity is used to provide captive power to Dr. Reddy’s Laboratories. O2 Power is backed by global investors such as EQT Infrastructure of Sweden and Temasek Holdings of Singapore.
The company has established a pipeline of approximately 1.8 GW of renewable energy assets that serve commercial and industrial customers across off-takers and three major states. Emmvee offers a variety of turnkey solutions, such as engineering, procurement, and construction, as well as solar rooftop and water heater solutions.
Emmvee also plans to expand its cell production capacity to 1.5 GW by early 2024, which will help the company reduce its import of solar cells. Once this facility is operational, the company will start importing only silicon wafers that are required for making solar cells from countries like South Korea, Taiwan, and China.