Bharti Airtel makes green energy move with stake in Egan Solar Power

Telecom giant Bharti Airtel is making a significant foray into renewable energy, as the company has agreed to acquire a 12.07% stake in Egan Solar Power Private Limited.

The deal involves the purchase of 283,400 equity shares, amounting to INR 13.37 million in total, with each share carrying a securities premium of INR 37.2.

Egan Solar Power, a subsidiary of Singapore’s Vibrant Energy Holdings, operates as a special purpose vehicle with the primary objective of owning and operating captive power plants. The company is vested in the development, generation, and distribution of electricity derived from renewable sources like solar energy.

In compliance with electricity laws, Egan Solar provides power supply directly or via central/state government or private company transmission lines, supplying to industries and consumers, including for captive consumption in industrial projects initiated by the company or associated promoter firms.

Bharti Airtel makes green energy move by acquiring a 12% stake in Egan Solar Power. Photo courtesy of Shrutuja Shirke/Wikimedia Commons.

Bharti Airtel’s move signals a deeper commitment to sustainable energy solutions. As well as generating power, Vibrant Energy Holdings, Egan Solar’s parent company, specializes in the establishment, commissioning, and maintenance of electric power stations based on non-conventional resources.

It also undertakes engineering, procuring, and constructing (EPC) contract basis infrastructure projects, delivering sustainable energy to the corporate and industrial (C&I) sectors across various industries.