Energy and environment solutions company Thermax has acquired 100% equity share capital of Onix-Two Enersol (OTEPL) through its wholly owned subsidiary, First Energy. The acquisition is valued at ₹100,000 (~$1,190), with Thermax acquiring 10,000 equity shares.

OTEPL, founded in March 2023, is a renewable energy firm specializing in constructing, developing, and maintaining solar and wind energy projects. OTEPL’s net worth as of August 2024 was reported at ₹100,000 (~$1,190), with a paid-up capital of the same amount.

OTEPL reported a turnover of ₹25.66 million (~$305,512) for the financial year 2023-2024, with a profit of ₹209,200 (~2,490). Its business operations focus on the renewable energy sector, particularly solar parks, wind turbines, and solar energy projects.

Thermax confirmed the signing of a share purchase agreement in a regulatory filing. This deal will make OTEPL a wholly owned step-down subsidiary of Thermax.

Onix-Two Enersol was a special-purpose vehicle of Onix Renewable and has a 40 MW wind-solar hybrid power project under construction.

The acquisition is part of Thermax’s broader renewable energy strategy, with the company already having a foothold in clean energy through its subsidiary, FEPL. The acquisition of OTEPL will enable Thermax to develop its solar energy portfolio further, enhancing its capabilities to deliver large-scale renewable projects.

Onix Renewable was awarded 187.4 MW of solar projects under Component C of the Pradhan Mantri Kisan Urja Suraksha Evam Uthan Mahabhiyaan by the Gujarat Government in May.

Total corporate funding, including venture capital/private equity funding, public market, and debt financing, in the solar sector reached $16.6 billion in the first half of 2024, marking a 10% year-over-year decrease from $18.5 billion, according to Mercom Capital Group’s 1H and Q2 2024 Solar Funding and M&A Report.