EIE Renewables Private Limited has acquired a 49 per cent equity stake in PRA Bihar Bess Private Limited, a special purpose vehicle company created for the development of a 37.5 MW/150 MWh battery energy storage system (BESS) across multiple districts in Bihar. The acquisition is being undertaken through a cash consideration of Rs 155.1 million. Additionally, EIE Renewables has entered into a share purchase and options agreement to acquire the remaining 51 per cent equity stake. This acquisition is planned within 60 days from the commercial operation date of the project.
Furthermore, the project will be developed under the build-own-operate and transfer model, supported by viability gap funding of up to Rs 2.7 million per MWh. A capital expenditure of approximately Rs 1.5 billion has been proposed for the project. This is expected to be financed through internal resources of EIE Renewables Private Limited along with term loans from banks and financial institutions.
Moreover, a battery energy storage purchase agreement (BESPA) has been executed with Bihar State Power Holding Company Limited, North Bihar Power Distribution Company Limited, and South Bihar Power Distribution Company Limited. The BESPA has been signed for a period of 12 years at a tariff of Rs 444,000 per MW per month.
