Gurgaon-based independent power producer O2 Power announced the acquisition of a solar project portfolio from Bengaluru-based solar panel maker Emmvee Photovoltaic Power.

The two solar power projects to be acquired by O2 are based in Karnataka and Telangana. They have a combined installed capacity of 55 MW, part of which supplies power to the distribution companies (DISCOMs) of the two states. The remaining capacity supplies captive power to pharmaceutical company Dr. Reddy’s Laboratories.

Backed by Sweden-based global investors EQT Infrastructure and Singapore’s Temasek Holdings, O2 Power has expanded its renewable portfolio in India by signing power purchase agreements totaling 2 GW. O2 has also commissioned a 250 MW solar project in Jaisalmer, Rajasthan.

Speaking on the acquisition, Founder and Chief Operating Officer of O2 Power Peeyush Mohit said, “The Emmvee acquisition marks our foray not only into Karnataka and Telangana but also marks the beginning of our relationship with Dr. Reddy’s. We are excited about this portfolio and are looking forward to the development of an expanding relationship with Dr. Reddy’s. We will continue to work towards strengthening our C&I and utility pipeline through a mix of solar, wind, and hybrid projects.”

The company has built a pipeline of about 1.8 GW renewable energy assets spread across off-takers and three major states, serving commercial and industrial customers.

Emmvee provides diverse turnkey solutions, including engineering, procurement, and construction (EPC) and solar rooftop and water heater solutions. The company has commissioned solar PV projects of 14 MW capacity in the north of Germany and 13 MW rooftop and 140+ MW ground-mounted solar projects in India.

Last October, Emmvee Solar inked a memorandum of understanding with the Karnataka government to set up a solar module and cell manufacturing plant in Karnataka at the cost of ₹8.25 billion (~$110.74 million).

In January 2020, EQT Infrastructure said that O2 Power aims to achieve 4 GW of installed solar and wind capacity in India. O2 received ₹500 million (~$35.53 billion) of commitments in equity from EQT infrastructure and Temasek.

Mercom recently hosted its C&I Clean Energy Meet 2022 in Bengaluru, where the C&I entities expressed their eagerness to switch to clean energy and save on their power bills in the long term.

In one of the sessions in this series in Pune to be hosted on August 26, 2022, Parag Sharma, Founder, and CEO of O2 Power, will join other panelists to discuss higher savings through large clean power purchases.