In a filing to the Indian stock exchanges, Gujarat-based KPI Global Infrastructure (KPI Global) has announced the acquisition of KPIG Energia Private Limited, a newly-formed special purpose vehicle registered on May 21, 2019.

KPI Global, which was incorporated in 2008, is a solar developer, independent power producer (IPP), and captive power producer with over 15 MW of solar projects commissioned in India.

The main object behind the acquisition of the SPV is for the execution of solar power projects. The acquisition has been executed at face value of its shares valued at ₹10 (~0.14). The total cost of acquisition of the SPV is ₹0.1 million (~$1,443) divided into 10,000 equity shares.

On the news of the acquisition, a source at KPI Global commented, “The acquisition will help increase our execution capability. The company has planned to develop 1,000 MW of solar energy projects over the next few years. Currently, we have a portfolio of 40 MW of both constructed and projects in the pipeline.”

Recently, KPI Global announced that it received a BBB- (triple B minus) credit rating for its long-term liabilities. The note from CARE also stated that the company had diversified its operations into renewable energy. Since its foundation, the KPI Global has executed more than 100 MW of solar power projects under engineering, procurement, and construction (EPC) mode before the installation of their first independent power production.

Mercom recently reported on the news of Suzlon Energy announcing the sale of its solar subsidiaries to Ostro Energy, a wholly owned subsidiary of independent power producer, ReNew Power. The two subsidiaries are Shreyas Solarfarms Limited and Aalok Solarfarms Limited which owned 20 MW and 10 MW capacity of solar energy projects.

Also, pharmaceutical major Cipla just signed an agreement to acquire 26% stake on a fully diluted basis in AMP Solar Power Systems Private Limited, a wholly owned subsidiary of AMP Solar.