Apraava Energy acquires 49 per cent stake in interstate transmission project from KPTL, TEECL
Apraava Energy on Monday stated it has acquired a 49 per cent fairness stake in Kohima-Mariani Transmission Ltd from Kalpataru Power Transmission Ltd and Techno Electric and Engineering Company Ltd, for an undisclosed quantity.
“Apraava Energy, a leading investor in the Indian power sector, today (on Monday) announced that it has acquired a 49 per cent shareholding in Kohima Mariani Transmission Ltd (KMTL) after receiving requisite regulatory approvals,” the corporate stated in an announcement.
KMTL is the proprietor of an interstate transmission undertaking in northeastern India, comprising property together with 400-kilovolt (kV) transmission traces and a 400-kV gas-insulated substation, underneath a particular function automobile (SPV) construction.
The shares had been acquired from Kalpataru Power Transmission Ltd (23 per cent fairness stake) and Techno Electric and Engineering Company Ltd (26 per cent fairness stake) as per a share buy settlement signed with the 2 events in July 2019.
The remaining 51 per cent shareholding of KMTL can be acquired by Apraava Energy in accordance with the phrases of the transmission service settlement (TSA).
Apraava Energy Managing Director Rajiv Ranjan Mishra stated within the assertion, “KMTL is an important asset supporting reliable power supply to northeastern India, spurring economic development in the region, and helping to make power available to all. We would like to thank governments (both central and state) for their support through the acquisition process.”
He added that the corporate welcomes KMTL into the Apraava Energy household as it really works in direction of realising the imaginative and prescient of changing into a sustainable end-to-end energy utility. “In line with our strategy and India’s environmental priorities, we will continue to pursue a low-carbon business strategy and invest in enhancing our clean energy portfolio.”
Naveen Munjal, director-business improvement and industrial (standard) of Apraava Energy, stated within the assertion, “The transmission sector is key to India’s vision of ‘Power for All’. Our aim is to strengthen India’s grid by investing in high-quality transmission projects like KMTL that will benefit the country.”
He added that going ahead, the corporate will take a look at increasing its transmission portfolio throughout the nation with the addition of superior property that may safe the power way forward for India.
KMTL is a particular function automobile (SPV) proudly owning an interstate transmission undertaking with about 250 kilometres of 400 kV double-circuit overhead transmission traces passing by means of Assam, Nagaland and Manipur, and a 400-kV substation positioned in Nagaland.
The undertaking was awarded by PFC Consulting Ltd (PFCCL), the bid course of coordinator appointed by the facility ministry, by means of a aggressive bid course of.
Previously, KMTL was owned collectively by Kalpataru Power Transmission Ltd (74 per cent fairness stake) and Techno Electric and Engineering Company Ltd (26 per cent fairness stake). The undertaking commenced industrial operations in December 2020.
In November 2019, Apraava Energy entered the facility transmission sector by buying a 100 per cent stake in Satpura Transco Private Ltd, which owns an intra-state undertaking in Madhya Pradesh.
Following the funding in KMTL, Apraava Energy has additional strengthened its portfolio with property within the energy era and transmission segments in India’s electrical energy worth chain.
Apraava Energy is a diversified energy firm, collectively owned by the CLP Group (one of many largest investor-owned energy companies in Asia) and Caisse de depot et placement du Quebec (a worldwide funding group).
Founded in 2002, Apraava Energy has developed from being a single-asset firm to a forward-looking, climate-conscious organisation. Its various portfolio includes 3,150 MW of put in capability, which incorporates 924 MW of wind and 250 MW of photo voltaic power initiatives throughout seven states, in addition to energy transmission property.
Source : pti
