Sanmar Group picks majority stake in Hyderabad-based AltEons Energy

Hyderabad: The Sanmar Group has picked up a majority stake in Hyderabad-based AltEons Energy. While the company didn't disclose the quantum of investment, the renewable energy company will become a subsidiary of the Sanmar group as it looks to scale its round-the-clock (RTC) renewable energy business for corporate and industrial customers.

AltEons founder and CEO Srinivasan Viswanathan told ET that the investment will help the company develop its initial 210 MW wind-solar-battery storage hybrid project in Maharashtra and build out a larger project pipeline. The company currently has a further pipeline of around 750 MW under development and expects to have visibility to projects of nearly 1.5 GW over the next three years.

“Capital will be used to advance the development and construction of this 210 megawatts that we have right now,” Viswanathan said.


AltEons plans to add another 800 MW to its pipeline by the end of this year. The projects will comprise a mix of state transmission utility (STU) open-access, group captive and central transmission utility (CTU) projects, across Maharashtra and other states.

Maharashtra is expected to remain a key market for the company, given its large commercial and industrial customer base and availability of both wind and solar resources. AltEons is also evaluating Tamil Nadu and Karnataka, while Andhra Pradesh is another market it is watching due to its growing industrial and data centre activity.

The company is focused on providing renewable power through a combination of wind, solar and battery energy storage systems, allowing it to supply customers with a more consistent power profile through the year.

Viswanathan said battery storage would remain an important part of the business, although the company expects battery technologies to evolve over the next five to 10 years.

Vijay Sankar, Chairman, The Sanmar Group, said, "We believe the company's innovative approach, experienced leadership, and strong execution capabilities position it to become a significant player in India's evolving renewable energy sector."