Avyan Renewable lowers stake in SunEdison Infrastructure

The Chennai-based steam and hot water supply company will acquire 31% of the rooftop solar installer’s equity share capital, instead of 37.5% as agreed upon in July.

October 10, 2019 Uma Gupta

Avyan Renewable promoter Pashupathy Shankar Gopalan is a director in SunEdison's subsidiaries Ishaan Solar and SEI Solartech.

Image: KfW

Chennai-based Avyan Renewable Solar has amended the share purchase agreement signed with SunEdison Infrastructure (formerly YKM Industries Limited) in July this year. As per the amendment, it will now acquire 13,91,869 equity shares representing 31% of the equity share capital of SunEdison Infrastructure Limited, instead of 16,83,713 equity shares representing 37.50%.

“All other terms and conditions of the share purchase agreement would remain the same. Further, there has been no change in the terms of the open offer and Avyan Renewable Solar is in the process of completion of open offer requirements in terms of applicable provisions of the SEBI Regulations”—read a keynote issued to SunEdison Infrastructure.

SunEdison Infrastructure is into installation of solar water pumps and solar rooftop. Of late, it has been on acquisition spree, with Megamic Electronics, Enrecover Energy Solutions and SILRES Energy being the latest additions.

Megamic Electronics is into development of remote monitoring solutions with performance analysis and control. As per the audited financials of FY 2017-18, the turnover of the company was Rs63.05 lakh.

“This acquisition [of Megamic Electronics] will help SIL in delivering high performance solar assets to the customers with improved customer service and visibility”—read a Bombay Stock Exchange filing by SunEdison Infrastructure.

The other subsidiary, Enrecover Energy Recovery Solutions manufactures systems for heat recovery and power generation from geothermal resources, biomass, solar and waste streams. Its novel method of heat recovery and clean power generation will complement SIL’s current offerings and help launch new innovative clean energy solutions.

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