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Pharmaceutical and biotechnology company Laurus Labs has acquired a 26% stake in Ethan Energy, a special purpose vehicle (SPV) of Vibrant Energy Holdings, for ₹39 million (~$477,744).
The acquisition will allow Laurus Labs to purchase 100% of the energy produced by Ethan Energy from the 10 MW solar project under the captive model.
The pharmaceutical company has signed a share subscription agreement and shareholders’ agreement to purchase 740,000 shares of a face value of ₹10 (~$0.12) each at a premium of ₹42.70 (~$0.52).
Laurus Labs manufactures active pharmaceutical ingredients (APIs) for antiviral and hepatitis C drugs. They also produce APIs for oncology and other therapeutic areas. The company has factories in Hyderabad and Vishakhapatnam.
Fresh Energy is a subsidiary of Blueleaf Energy. Headquartered in Singapore and Hyderabad, Vibrant has more than 1,117 MW of renewable assets under management, including those under construction. Singapore-based renewable energy company Blueleaf Energy has acquired a majority stake in Vibrate Energy Holdings from ATN International.
Blueleaf Energy is a portfolio company owned by Macquarie’s Green Investment Group (GIG), operating on a standalone basis. GIG specializes in project development and delivery, green infrastructure principal investment, green impact consulting, and portfolio asset management.
Earlier this year, Vibrant Energy Holdings signed a power purchase agreement with Sify Technologies for 231 MW of solar and wind capacity to deliver to Sify’s latest hyperscale data center, of which 67 MW of solar PPA was signed in March 2021 and recently delivered.
Tata Power Solar has awarded a 66 MW engineering, procurement, and construction project for Vibrant Energy. The project can produce 110,029 units of energy per year. The installation will lead to a reduction of carbon emissions of up to 0.9 million tons. The project is spread over an area of 191 hectares with 1,27,268 solar modules and was completed within a period of 9 months.
Arjun Joshi A staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies in India and abroad. He holds a BA in Journalism, Psychology, and English with an optional degree from Garden City University, Bangalore. More articles from Arjun Joshi.
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