Sekura Energy, a platform under the umbrella of Edelweiss Alternatives, has successfully acquired operational solar assets with a capacity of 350 megawatts (MW) from O2 Power, which were developed for the Rewa Ultra Mega Solar Limited (RUMSL) initiative in Madhya Pradesh.
According to multiple sources familiar with the transaction, Sekura has completed this acquisition at an impressive enterprise valuation of ₹2,000 crore. It’s noteworthy that Gentari, a subsidiary of Petronas, was also in the running to secure these assets but ultimately did not succeed.
The 350 MW capacity was previously awarded to Beempow Energy Private Limited, a subsidiary of O2 Power, in 2021. During a competitive auction conducted by RUMSL, Beempow Energy quoted a rate of ₹2.444 per kilowatt-hour (kWh) for this capacity, which was part of a larger tender for 550 MW of solar projects at the Agar Solar Park in Madhya Pradesh.
RUMSL itself is a collaborative venture between the Solar Energy Corporation of India and the Madhya Pradesh Urja Vikas Nigam Limited, aimed at promoting solar energy development in the region. The Rewa Ultra Mega Solar Limited project encompasses a total of 1,500 MW of grid-connected solar photovoltaic (PV) projects distributed across three major solar parks in Madhya Pradesh.
These parks include the Agar Solar Park, which has a capacity of 550 MW, the Neemuch Solar Park at 500 MW, and the Shajapur Solar Park with 450 MW of capacity. This extensive project is part of India’s broader initiative to enhance its renewable energy capabilities and meet increasing energy demands through sustainable practices.
Efforts to reach Sekura and O2 Power for comment on this acquisition have not yielded any responses up to the time of this report. O2 Power is recognized as a significant player in the renewable energy sector, having been jointly established by Temasek and EQT Infrastructure. The firm focuses on developing and executing large-scale renewable energy projects throughout India.
Recently, EQT and Temasek have made the strategic decision to divest from O2 Power, seeking to realize returns on their five-year investment. They have engaged Barclays to facilitate a formal sales process for the platform, as first reported by Economic Times in March.
As of May 31, 2024, O2 Power boasts an impressive portfolio totaling 3.7 GW of renewable energy, of which 1.3 GW is currently operational. The company has secured long-term Power Purchase Agreements (PPAs) that span a period of 25 years with the Madhya Pradesh Power Management Company Ltd (MPPMCL) and the Western Railways.
This agreement covers the entire capacity of 350 MW and is anchored at a fixed tariff of ₹2.444 per unit, which is considered competitive in the current energy market. This move is expected to bolster Sekura Energy’s standing in the renewable energy landscape, reinforcing the growing trend of corporate investment in sustainable energy initiatives.
Sekura Energy, a subsidiary of Edelweiss Alternatives, is a dynamic energy platform focused on renewable energy solutions in India. With a commitment to sustainability, Sekura invests in and operates large-scale renewable projects, including solar assets. The company aims to drive the transition to cleaner energy sources, contributing to India’s renewable energy goals and enhancing energy security.
