Nxtra Data, a subsidiary of telecom company Bharti Airtel, has acquired an additional stake of 5.464% in Avaada MHAmravati, a subsidiary of Avaada Energy, for ₹23.9 million (~$290,663).

The stake acquisition will help Nxtra Data procure power generated from Avaada MHAmravati, a special purpose vehicle (SPV) that owns and operates renewable energy projects such as wind, solar, biomass, hydro and co-generation, for captive use.

As per regulatory requirements, Nxtra must own 26% or more of Avaada MHAmravati to be able to procure power for captive use.

Avaada Energy is engaged in the business of setting up, operating, and maintaining electric power generating stations based on conventional and non-conventional resources.

In June 2022, Nxtra Data acquired 11.696% equity shares in Avaada MHAmravti for ₹51.7 million (~$628,712).

In March last year, Bharti Airtel and Nxtra Data acquired a 7.03% and 11.33% equity stake in Avaada KNShorapur, an SPV operating a 10 MW open access solar project in Karnataka. Airtel acquired the stake for a cash consideration of ₹17.42 million (~$228,387) to acquire 1.74 million equity shares of ₹10 (~$0.13) each.

The following month, Avaada Energy entered into a power offtake arrangement with multiple entities for its 75 MW open-access solar projects, which are being developed under three SPVs of 25 MW each.

Bharat Forge, an infrastructure company, will source power from the 25 MW open-access project of Avaada MHVidarbha. This, and the other two SPVs — Avaada MHYavat and Avaada Sunlight — are located at Yavatmal, Maharashtra.

According to Mercom’s India Solar Market Leaderboard 1H 2022, Avaada Energy was the largest utility-scale installation developer during the first half of the calendar year 2022. The company accounted for 15% of the total market share and had one of the largest portfolios of solar power projects aggregating over 1 GW.