Enviro Infra Engineers Renewables (EIE Renewables), a subsidiary of Enviro Infra Engineers (EIEL), has acquired a 49% equity stake in renewable energy company Soltrix Energy Solutions (Soltrix) for ₹13.2 million (~$153,352).

Soltrix has been awarded a contract for the engineering, procurement and construction, and  maintenance of a 29 MW solar power project for the Maharashtra State Electricity Distribution Company to be set up in the state.

The project includes state financial assistance of ₹32 million (~$371,868), along with a tariff-based revenue generation of ₹0.88 (~$0.010)/kWh for 25 years.

EIE Renewables will acquire the remaining 51% stake in Soltrix one year after the project’s completion, for which it signed a share purchase and options agreement.

The expected cost of acquiring the remaining 51% stake is ₹13.7 million (~$159,162).

Post 100% acquisition, Soltrix will become a wholly owned subsidiary of EIE Renewables.

EIEL has a portfolio of water treatment projects with a total capacity of 784 million liters per day (MLD). It also has a 52 MLD sewage treatment plant (STP) in Bikaner and a 30 MLD STP in Kota, both in Rajasthan. Each STP also has a solar project.

Its order book in the fourth quarter (Q4) of the financial year 2025 was ₹11.86 billion (~$138.8 million).

Recently, EIEL announced that it will acquire Sunaxis Renewables from EIE Renewables for ₹100,000 (~$1,170.37). EIE Renewables will invest ₹100,000 (~$1,170.37) by acquiring 10,000 shares at a face value of ₹10 (~$0.117) per share. After the acquisition, Sunaxis will become EIEL’s step-down subsidiary.

The first quarter of 2025 witnessed 19 mergers and acquisition (M&A) transactions, a 10% decrease from the 21 transactions recorded in the same quarter last year. Solar downstream companies led M&A activity with 16 transactions, one each for the balance of system, materials, and service provider companies, according to Mercom Capital’s Q1 2025 Solar Funding and M&A Report.

Approximately 13.6 GW of solar projects were secured during Q1 2025, compared to 10.8 GW secured in Q1 2024 and 9.4 GW obtained in Q4 2024.