Saatvik Cleantech EPC Private Limited, a fully owned subsidiary of Saatvik Green Energy, has inked a share purchase agreement (SPA) to acquire a 49 per cent equity stake in Intelligent Hydel Solutions Private Limited. The acquisition has a cash consideration of Rs 13,058,500 and is anticipated to be completed within 30 days from the date of intimation, subject to the terms and conditions outlined in the SPA.
Furthermore, the transaction marks Saatvik’s strategic entry into the independent power producer segment. It also adds long-term, power purchase agreement-backed generation assets to its existing solar manufacturing and engineering, procurement, and construction businesses.
Intelligent Hydel Solutions is developing a 41 MWac solar power project in Maharashtra. The project is supported by a power purchase agreement with Maharashtra State Electricity Distribution Company Limited.
