Concord Biotech to acquire stake in renewable power SPV
Concord Biotech Limited has entered into an agreement to acquire a 27.38% equity stake in FSGE Renewable Power Private Limited, a special purpose vehicle (SPV) developing a wind-solar hybrid power project in Gujarat. The investment, valued at approximately Rs 6.3 crore, will support the development of a hybrid renewable energy plant comprising 6.3 MW AC of wind capacity and 6.3 MWp DC of solar capacity for the company’s Limbasi facility.
Captive renewable power project
The project has been planned as a captive power generation facility to meet a portion of Concord Biotech’s energy requirements. The company said the investment is aimed at reducing dependence on conventional energy sources through the use of renewable power.
The hybrid project is also expected to support the company’s efforts to reduce its carbon footprint and lower long-term energy costs while aligning with sustainability objectives and environmental compliance requirements.
Stake acquisition
Following completion of the transaction, FSGE Renewable Power Private Limited will become an associate company of Concord Biotech.
The investment has been classified as a related party transaction and is being undertaken on an arm’s length basis. The company stated that no promoter, promoter group or group company has any interest in the entity being acquired.
About FSGE
FSGE Renewable Power Private Limited was incorporated in August 2023 and has not yet commenced commercial operations. The company has been established specifically to develop and operate the captive renewable power facility for Concord Biotech.
The equity shares are expected to be allotted within 60 days from the date of the agreement.
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