Dalmia Cement to Acquire Equity Stake in O2 Renewable Energy for Wind Power Procurement
The purpose of this acquisition is to source wind power as a captive consumer, with a capacity of up to 11 MW in the state of Karnataka.
April 08, 2024. By Abha Rustagi
The transaction, sealed through a Share Purchase Agreement (SPA), Deed of Accession (DOA), and Power Purchase Agreement (PPA), will see DCBL acquire 68,99,293 equity shares amounting to INR 7,80,99,997/- in one or more tranches.
The purpose of this acquisition is to source wind power as a captive consumer, with a capacity of up to 11 MW in the state of Karnataka. The deal is contingent upon customary conditions precedents and is anticipated to conclude within an estimated period of 8 weeks.
By leveraging wind power, DCBL aims to bolster its renewable energy sources in pursuit of its goals, including achieving RE 100 by 2030 and becoming carbon-negative by 2040.
Furthermore, the wind power procured through this acquisition will qualify as captive consumer supply under the Electricity Act/Rules, enabling DCBL to optimize its energy procurement strategy in line with regulatory frameworks.
please contact: contact@energetica-india.net.
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