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Siemens Acquires 26% Stake in Sunsole Renewables

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growatt01-08-2022

Siemens Limited signed an agreement for 26 % of the paidup equity share capital in Mumbai’s Sunsole Renewables Private Limited.

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Siemens has decided to procure solar power for its manufacturing facility in Maharashtra’s Kalwa, will acquire the stake for around Rs 16 million, it said in a regulatory filing.

With this acquisition, Siemens Limited is aiming to procure renewable energy to reduce its carbon footprint for its Kalwa facility. Post-acquisition, Sunsole will be an associate of Siemens Limited.

Sunsole was incorporated as a special purpose vehicle by Cleantech India OA Pte Ltd to undertake construction, operation and maintenance of a solar power plant and to supply, on a captive basis, the power generated from the said solar power plant.

The acquisition is proposed to be completed by September 2022 and is subject to fulfilment of conditions precedents as agreed between the two parties.

In August this year Siemens and Tata Power Delhi Distribution Limited jointly announced the successful deployment of Smart Metering Technology for over 200,000 Smart Meters in North Delhi.

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Siemens’ technologies support Tata Power-DDL to achieve their ESG targets of energy efficiency, reduced greenhouse gas emissions, and improved safety for employees and the public. Siemens is also working towards improving safety and reliability in operations for Tata Power-DDL’s critical energy assets.

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