On Wednesday, Bangalore-based Emmvee Photovoltaic Power Pvt Ltd announced that it had acquired a portfolio of solar power plants from the renewable energy company O2 Power.
The plants, which are in Telangana and Karnataka, have a combined installed capacity of 55 MW. While Dr. Reddy’s Laboratories receives captive power from the remaining capacity, state discoms receive a portion of the power generated by the plants.
“The Emmvee acquisition marks our entry into Telangana and Karnataka as well as the start of our partnership with Dr Reddy’s. We are thrilled about this portfolio and eager to establish a stronger partnership with Dr. Reddy’s.
Through a combination of solar, wind, and hybrid projects, we will continue to seek to expand our C&I and utility pipeline, according to Peeyush Mohit.
O2 Power has negotiated power purchase agreements totalling roughly 2 GW and completed a 250 MW solar project in Jaisalmer, Rajasthan, with the support of international partners EQT Infrastructure and Temasek.
The business operates in the hybrid, wind, and solar power sectors.
The firm and US-based battery energy storage giant Powin inked a memorandum of understanding in April of this year to work together to provide battery storage solutions for the Indian renewable energy market.
The engineering, procurement, and construction (EPC) services for the projects will be handled by O2 Power, and Powin will oversee delivering and commissioning the battery energy storage systems.