Chennai-based renewable energy company SunEdison Infrastructure Limited (formerly YKM Industries Limited) has informed of the acquisition of Megamic Electronics Private Limited and Enrecover Energy Solutions Private Limited, according to a recent corporate filing by the company at the Bombay Stock Exchange (BSE).
Megamic Electronics Private Limited, founded in 2015, is involved in the design, development, and supply of remote monitoring solutions for solar projects.
SunEdison Infrastructure Limited works as an installer of solar water pumps, solar rooftop panels, among other things. This acquisition is expected to help the company in delivering high-performance solar assets to the customers with improved customer service and visibility, the company stated in its BSE filing.
The acquisition is at ₹10 million ($ 0.14 million) along with 0.3% equity shares of SunEdison in exchange for a 51% stake in Megamic Electronics.
Enrecover Energy Solutions Private Limited manufactures organic Rankine cycle (ORC) systems for heat recovery and power generation from geothermal resources, biomass, solar, and waste streams. This novel method of heat recovery and clean power generation is likely to complement SunEdison’s current offerings and help launch new innovative clean energy solutions.
The financial consideration for this acquisition is approximately ₹11.2 million ($ 0.17 million) for a 51% stake.
The past few months in the domestic renewable industry have been abuzz with acquisition news. For instance, last month, Japanese trading and investment company Mitsui & Co. Limited (Mitsui) acquired a 49% stake in Marvel Solren Private Limited, a Mahindra company that already has a portfolio of 16 MW of distributed solar.
Recently, Mumbai-based global pharmaceutical major Cipla Limited signed an agreement to acquire 26% stake on a fully diluted basis in AMP Solar Power Systems Private Limited.
ABB’s solar inverter business has just been acquired by Italian company FIMER.
Soumik is a staff reporter at Mercom India. Prior to joining Mercom, Soumik was a correspondent for UNI, New Delhi covering the Northeast region for seven years. He has also worked as an Asia Correspondent for Washington DC-based Hundred Reporters. He has contributed as a freelancer to several national and international digital publications with a focus on data-based investigative stories on environmental corruption, hydro power projects, energy transition and the circular economy. Soumik is an Economics graduate from Scottish Church College, Calcutta University.