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NEW DELHI : Renewable energy company O2 Power on Wednesday announced the acquisition of a portfolio of solar power plants from Bangalore-based solar panel manufacturer, Emmvee Photovoltaic Power Pvt Ltd.
The plants are in the state of Karnataka and Telangana and have an aggregate installed capacity of 55 MW, part of which supplies power to state discoms, while the balance capacity supplies captive power to Dr. Reddy’s Laboratories.
“The Emmvee acquisition marks our foray not only into Karnataka and Telangana but also marks the beginning of our relationship with Dr Reddy’s. We are excited about this portfolio and are looking forward to the development of an expanding relationship with Dr Reddy’s. We will continue to work towards strengthening our C&I and utility pipeline through a mix of solar, wind and hybrid projects," said Peeyush Mohit, founder and chief operating officer of O2 Power.
O2 Power, backed by global investors EQT Infrastructure and Temasek, has signed power purchase agreements of about 2 GW in aggregate, and a commissioned 250 MW solar project in Jaisalmer, Rajasthan.
The company is present in solar, wind and hybrid power spaces.
In April this year, he company signed a memorandum of understanding with US-based battery energy storage major Powin to provide battery storage solutions for the Indian renewable energy market.
Under the partnership, Powin would be responsible for the delivery and commissioning of the battery energy storage systems while O2 Power will provide the engineering, procurement and construction (EPC) services for the projects.
In June, the Gurugram-headquartered company commissioned its first solar project, a 250 MW project located in Jaisalmer district of Rajasthan.