Solargise buys majority stake in GRAPP Energies for $200 million

NEW DELHI: UK-based solar power firm Solargise has acquired majority stake in India based renewable energy firm Grapp Energies and its subsidiary Green Ripples for USD 200 million.

Post this acquisition, the new entity will be known as Solargise Grapp Energies Pvt Ltd.

"Solargise has announced an investment of USD 200 million to acquire majority stake in GRAPP Energies Pvt Ltd and its subsidiary company Green Ripples Pvt Ltd to establish solar power projects in India," Grapp Energies Director Prathmesh Mairal said in a statement.

"The investment comes as equity commitment. The order book of Grapp Energies and project pipeline is in excess of 250 MW altogether. Additionally, Solargise is developing a 200 MW project in Gujarat," he said.

Both the companies have presence in the Indian market for almost 4 years now and have executed 80 off-grid solar power projects during this period.

Grapp has recently secured over 200 megawatt project with in Northern and Western India and EPC orders for over 145 MW, the statement said.

Solargise, founded by non-resident Indian Raj Basu, has committed to invest in Gujarat and Rajasthan to build solar power plants, photovoltaic modules manufacturing and a research and development facility, it added.

Basu has been appointed Executive Chairman and Mairal as Managing Director of the new entity, it said.