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Surana Telecom and Power Ltd has acquired 51 per cent equity investment in Arhyama Energy Pvt Ltd, which is in the process of setting up a 10 MW Solar Power Plant at Kolanupaka Village in Nalgonda district of Telangana.
The total investment outlay for the project is estimated to Rs 82.80 crore. Arhyama had entered into long term power purchase agreement with a multinational company, Genpact and Dr Reddy’s for supply of power generated from the unit under Open Access Route.
“This project, expected to be commissioned during the year, will also be entitled to benefits from the Renewable Energy Certificates. This is a composite deal. At this point, it would be difficult to provide details,” Narender Surana, Managing Director of Surana Telecom, told Business Line.
The company has also disinvested and exited its equity shares of 49 per cent in Joint Venture with Radiant Alliance Ltd in Bangladesh as it was getting tougher to execute the project, he said.
The Surana Group company has been running its 5 MW Solar Power Project situated at Gujarat Solar Park, Charanaka Village in Patan District, and 5 MW Solar Power Plant through its subsidiary Surana Solar Systems Pvt Ltd at Shankapur Village in Medak district of Telangana.
Further 10 MW Solar Power Project is under construction/implementation through subsidiary Celestial Solar Solutions Pvt Ltd at Tingloor Village in Tumkur district of Karnataka. This takes the total installed and under execution capacity of the company to 30 MW.
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