The Sanmar Group has acquired a majority stake in AlTeons Energy. Following the investment, AlTeons will become a subsidiary of the Sanmar Group. The investment will support AlTeons’ plans to develop more than 1.5 GW of renewable energy projects across India for corporate and industrial customers.
The projects will combine solar, wind, battery energy storage systems (BESS) and energy management solutions to provide round-the-clock renewable power. The company aims to supply reliable renewable energy to businesses while helping them reduce their dependence on conventional power.
AlTeons currently has a 210 MW hybrid portfolio under construction in Maharashtra, comprising wind, solar and BESS projects. The portfolio will serve energy-intensive businesses in the state. The company works with customers in sectors including manufacturing, automotive, data centres and industrial engineering, and expects to secure an additional 800 MW pipeline by the end of the year.
