Saatvik Green Energy Limited, a leading name in India's renewable energy sector, today announced its strategic entry into the Independent Power Producer (IPP) business. The company’s wholly-owned subsidiary, Saatvik Cleantech EPC Private Limited, has signed a Share Purchase Agreement (SPA) to acquire a 49% equity stake in Intelligent Hydel Solutions Private Limited (IHSPL) for a cash consideration of ₹1,30,58,500. This move marks a significant transition for Saatvik, evolving from a solar manufacturer and EPC provider into a fully integrated renewable energy platform.
IHSPL is currently developing a 41 MW AC solar power project in Maharashtra, backed by a long-term Power Purchase Agreement (PPA) with the Maharashtra State Electricity Distribution Company Limited (MSEDCL). The project is part of the state’s initiative to solarise agricultural and rural feeders, aligning with national goals for clean energy and farmer welfare. Upon completion of the transaction, which is expected within 30 days, RMC Switchgears Limited will retain 51% ownership, while Saatvik EPC will hold the remaining 49%.
Commenting on the development, Mr. Prashant Mathur, CEO of Saatvik Green Energy Limited, said, "This acquisition is a key milestone in our journey toward building a diversified renewable energy portfolio. By entering the IPP space with a PPA-backed 41 MW project, we are strengthening our foundation beyond manufacturing and EPC. Our established track record with MSEDCL, including the delivery of over 1,800 solar pumps, provides us with a strong operational edge in Maharashtra to execute this project successfully."