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					</table><p>New Delhi-based waste and wastewater management solutions company Enviro Infra Engineers (<a href="https://www.eiel.in/" target="_blank" rel="noopener">EIEL</a>) has completed the acquisition of Vento Power, a company developing a 40 MW solar power project in the Bolangir district of Odisha.</p>
<p>The total cash consideration for the transaction was ₹1.15 billion (~$13.37 million).</p>
<p>The acquisition was carried out through EIE Renewables, a wholly owned subsidiary of EIEL, which has entered into definitive agreements with PTC India.</p>
<p>The power generated from Vento’s 40 MW solar project will be sold at a tariff of ₹4.1 (~$0.047)/kWh for an estimated 18 years.</p>
<p>Vento Power Infra recorded a turnover of ₹165 million (~$1.92 million) in the financial year (FY) 2024, ₹173.4 million (~$2.02 million) in FY 2023, and ₹198.6 million (~$2.31 million) in FY 2022.</p>
<p>The acquisition was not a related party transaction, and no promoter, promoter group, or group company of EIEL had any prior interest in Vento Power Infra.</p>
<p>In June this year, Enviro Infra Engineers Renewables, a subsidiary of EIEL, <a href="https://www.mercomindia.com/enviro-infra-acquires-49-stake-in-renewable-energy-firm-soltrix" target="_blank" rel="noopener">acquired</a> a 49% equity stake in renewable energy company Soltrix Energy Solutions for ₹13.2 million (~$153,352). Soltrix was 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.</p>
<p>In the same month, EIEL <a href="https://www.mercomindia.com/enviro-infra-engineers-to-acquire-solar-project-developer-sunaxis" target="_blank" rel="noopener">announced</a> it will acquire Sunaxis Renewables from EIE Renewables for ₹100,000 (~$1,170.37). Sunaxis Renewables is a special-purpose vehicle that develops ground-mounted and floating solar projects. It oversees the complete lifecycle of floating solar projects, from concept to commissioning, operation, and maintenance. The company also conducts all incidental or ancillary activities.</p>
<p>In the first half (1H) of 2025, 106 solar project acquisitions totaling 19.9 GW were <a href="https://mercomcapital.com/product/1h-and-q2-2025-solar-funding-and-ma-report/" target="_blank" rel="noopener">transacted</a>, compared to 113 project acquisitions totaling 18.5 GW in 1H 2024.</p>
<p>A total of 19 solar corporate M&amp;A transactions were <a href="https://mercomcapital.com/product/q1-2025-solar-funding-ma-report/" target="_blank" rel="noopener">recorded</a> in the first quarter (Q1) of 2025, compared to 20 transactions in Q4 2024, and 10% lower compared to 21 solar M&amp;A transactions in Q1 2024. Approximately 13.6 GW of solar projects were secured in Q1 2025, up from 10.8 GW in Q1 2024. On a quarter-over-quarter basis, project acquisition volume also increased, compared to 9.4 GW in Q4 2024.</p>



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					</table><p>Enviro Infra Engineers Renewables (EIE Renewables), a subsidiary of Enviro Infra Engineers (<a href="https://www.eiel.in/" target="_blank" rel="noopener">EIEL</a>), has acquired a 49% equity stake in renewable energy company Soltrix Energy Solutions (Soltrix) for ₹13.2 million (~$153,352).</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>The expected cost of acquiring the remaining 51% stake is ₹13.7 million (~$159,162).</p>
<p>Post 100% acquisition, Soltrix will become a wholly owned subsidiary of EIE Renewables.</p>
<p>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.</p>
<p>Its order book in the fourth quarter (Q4) of the financial year 2025 was ₹11.86 billion (~$138.8 million).</p>
<p>Recently, EIEL <a href="https://www.mercomindia.com/enviro-infra-engineers-to-acquire-solar-project-developer-sunaxis" target="_blank" rel="noopener">announced</a> 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.</p>
<p>The first quarter of 2025 <a href="https://www.mercomindia.com/solar-corporate-funding-in-q1-2025-declines-41-as-uncertainty-weighs-on-market" target="_blank" rel="noopener">witnessed</a> 19 mergers and acquisition (M&amp;A) transactions, a 10% decrease from the 21 transactions recorded in the same quarter last year. Solar downstream companies led M&amp;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&amp;A Report.</p>
<p>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.</p>


Enviro Infra Acquires 49% Stake in Renewable Energy Firm Soltrix

<p>Caisse de dépôt et placement du Québec (<a href="https://www.cdpq.com/en" target="_blank" rel="noopener noreferrer">CDPQ</a>), one of Canada’s leading institutional investors, has acquired an additional 717,701 shares from a shareholder of Indian independent power producer Azure Power Global Limited.</p>
<p>CDPQ now owns 24,259,272 shares of Azure and this represents 50.9% of the total outstanding shares of the power producer, according to the press statement issued by Azure Power.</p>
<p>“This new investment by CDPQ is a recognition of Azure Power’s leading solar development platform in India. By having a majority shareholder with a long-term approach and a AAA credit rating, we will have better access to external capital further improving our future growth,” said Ranjit Gupta, Chief Executive Officer, Azure Power.</p>
<p>According to Mercom <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener noreferrer">India Solar Project Tracker</a>, Azure had 1.7 GW of large-scale solar projects in operation and 3.36 GW of solar projects under development pipeline as of December 2019. According to <a href="https://mercomindia.com/product/mercom-india-solar-market-leaderboard-1h-2019/" target="_blank" rel="noopener noreferrer">Mercom’s India Solar Market Leaderboard 1H 2019</a>, Azure Power was the top utility-scale developer as well as the top rooftop solar installer during <a href="https://mercomindia.com/india-solar-market-leaders-unveiled-1h-2019/" target="_blank" rel="noopener noreferrer">1H 2019</a>.</p>
<p>In November 2019, CDPQ <a href="https://mercomindia.com/cdpq-invest-azure-power/" target="_blank" rel="noopener noreferrer">announced</a> that it would invest $75 million in Azure Power. In October 2018, CDPQ had <a href="https://mercomindia.com/cdpq-increases-stake-azure-power/" target="_blank" rel="noopener noreferrer">announced</a> that its stake in Azure Power had been increased to 40% through ₹7.32 billion ($0.1 billion) contribution to the company’s capital raising.</p>
<p>More recently, Mercom <a href="https://mercomindia.com/azure-powers-revenue-up-net-loss-rises-higher-expenses/" target="_blank" rel="noopener noreferrer">reported</a> that Azure’s revenue rose to ₹3.05 billion (~$42.6 million) for Q3 FY20, an increase of 25% year-over-year but the company still registered a net loss of ₹1.36 billion (~$19 million) for Q3 of the financial year 2019-20. The company in its statement said that the adjusted EBIDTA (Earnings before interest, taxes, depreciation, and amortization) for the quarter ended December 31, 2019, was ₹2.1 billion (~$29.5 million), an increase of 15% when compared to the same period in 2018.</p>
<p>Also, Azure Power recently <a href="https://mercomindia.com/adani-azure-win-seci-solar-tender-greenshoe-option-next/" target="_blank" rel="noopener noreferrer">won</a> the first of its kind manufacturing-linked solar tender floated by the Solar Energy Corporation of India’s (<a href="https://seci.co.in/" target="_blank" rel="noopener noreferrer">SECI</a>) for 7 GW of solar capacity. Azure took the greenshoe option for an additional capacity of 500 MW manufacturing and 2 GW generation. With this, the total allocation for Azure comes to 1,000 MW of cell and module manufacturing and 4 GW of generation capacity.</p>


CDPQ’s Share in Azure Power Rises to 50.9%

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