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<p>Indian multinational pharmaceutical company <a href="https://www.cipla.com/home" target="_blank" rel="noopener">Cipla Limited</a> entered into a share subscription and shareholder’s agreement along with a power purchase agreement (PPA) to acquire a 32.49% stake on a fully diluted basis in AMP Energy Green Eleven Private Limited.</p>
<p>Amp Energy will commission a 10 MWac (16 MWdc) captive open access solar project in Osmanabad to supply power to Cipla under a long-term PPA of 25 years.</p>
<p>The project will be an addition to Cipla’s efforts to increase the share of renewable power sources in its operation.</p>
<p>This will be Amp’s second project with Cipla in Maharashtra, the first being a 30 MW project commissioned in December 2020.</p>
<p>Cipla will acquire 750,000 equity shares of face value ₹10 (~$0.13) each at par for a total of ₹75 million (~$1 million). Cipla will also subscribe to 67,500 compulsorily convertible debentures of ₹1,000 (~$13.40) each.</p>
<p>Post-acquisition, AMP Energy Green Eleven Private Limited will become an associate of Cipla.</p>
<p>Subscription to equity shares and compulsorily convertible debentures shall be completed within two months from the date of signing the transaction documents.</p>
<p>AMP Energy Green Eleven Private Limited, a wholly-owned subsidiary of AMP Energy, is a special purpose vehicle formed to set up a captive solar power project in Maharashtra.</p>
<p>In January 2021, Cipla had <a href="https://mercomindia.com/cipla-procure-open-access-amp-energy/" target="_blank" rel="noopener">announced</a> that it would procure solar power from a 20 MWac group captive project in Tuljapur, Maharashtra. This project will supply power to Cipla’s manufacturing units at Kurkumbh and Patalganga in Maharashtra. In May 2019, Cipla had <a href="https://mercomindia.com/cipla-to-acquire-26-stake-in-amp-solar/" target="_blank" rel="noopener">acquired</a> a 26% stake in AMP Solar Power System, a wholly-owned subsidiary of AMP Solar Technology, and a special purpose vehicle formed to set up the captive solar project.</p>
<p>India installed 307 MW of open access solar capacity in the third quarter of the calendar year 2021, registering a 47% increase compared to 209 MW installed in Q2 2021, according to Mercom’s <a href="https://mercomindia.com/product/india-solar-open-access-market-report-q3-2021/" target="_blank" rel="noopener">India Solar Open Access Market Report Q3 2021</a>.</p>
<p>One of the driving factors for the expansion of open access is that the commercial and industrial (C&amp;I) consider it a viable alternative source for procuring power. In Maharashtra, the multi-year tariff has been one of the reasons for the growth of the open access market. It gives the consumers a long-term perspective of energy and fixed charges. Maharashtra is also home to a large number of industrial consumers who pay a high cost for procuring power from DISCOMs, making open access a more viable choice.</p>
<p><em>Note: The installation number is updated to reflect the AC and DC capacity.</em></p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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Cipla to Procure Power from AMP Energy’s 16 MW Open Access Solar Project

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