Sangam sells majority stake in 24-MWp Indian solar portfolio to partner

Solar cells. Author: Steve Rainwater. License: Creative Commons: Attribution-ShareAlike 2.0 Generic

July 8 (Renewables Now) - Sangam Renewables Ltd (BOM:534618) has sold to a partner its controlling stake in a firm that developed 24 MWp of solar projects in India.

Specifically, the solar engineering, procurement and construction (EPC) solutions provider said in a statement it has completed the sale of its entire 51% stake in WAACOX Energy Pvt Ltd (WEPL) to Aditya Birla Renewables Ltd (ABRel) for about INR 416 million (USD 5.6m/EUR 4.7m).

As a result, ABRel, which co-developed the projects in question, now has a 100% stake in WEPL. The deal gives WEPL an enterprise value of INR 815.8 million.

Sangam pointed out that it will use the proceeds from the disposal to cut its short-term debt.

(INR 10 = USD 0.134/EUR 0.113)

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