Sangam Renewables said that it has wrapped up the sale of its entire stake of 51% in WAACOX Energy Pvt Ltd (WEPL) to Aditya Birla Renewables (ABRel) for an amount of INR 465 million ($6.22 million).

With the acquisition of the stake, Aditya Birla Renewables, which already had a 49% stake in WAACOX Energy has now become its sole owner.

Sangam Renewables said that it will use the proceeds from the sale to cut down its short-term debt by INR 403.2 million on a standalone basis.

WAACOX Energy has 24MW of operational solar power plants, which were jointly developed by Sangam Renewables and Aditya Birla Renewables. The power purchase agreements (PPA) of the solar power projects were signed with Maharashtra State Power Generation Company (Mahagenco) and Maharashtra State Electricity Distribution Company Limited (Mahadiscom).

Sangam Renewables said that in spite of the Covid-19 restrictions and non-availability of manpower along with other hurdles, it had managed to connect and commission the solar power projects in Maharashtra before time.

Hitesh Mehta – CFO of Sangam Renewables said: “We are glad to have completed this transaction with ABReL who have helped us co-develop these projects. Despite a lot of headwinds, we were able to finish the project ahead of time while maintaining quality standards for which I thank the team of SARel and ABReL for working diligently.”

  Aditya Birla Renewables, Hitesh Mehta, India, Maharashtra, Sangam Renewables, Solar industry news, Solar power plant, WAACOX Energy