New Delhi-based waste and wastewater management solutions company Enviro Infra Engineers (EIEL) has completed the acquisition of Vento Power, a company developing a 40 MW solar power project in the Bolangir district of Odisha.

The total cash consideration for the transaction was ₹1.15 billion (~$13.37 million).

The acquisition was carried out through EIE Renewables, a wholly owned subsidiary of EIEL, which has entered into definitive agreements with PTC India.

The power generated from Vento’s 40 MW solar project will be sold at a tariff of ₹4.1 (~$0.047)/kWh for an estimated 18 years.

Vento Power Infra recorded a turnover of ₹165 million (~$1.92 million) in the financial year (FY) 2024, ₹173.4 million (~$2.02 million) in FY 2023, and ₹198.6 million (~$2.31 million) in FY 2022.

The acquisition was not a related party transaction, and no promoter, promoter group, or group company of EIEL had any prior interest in Vento Power Infra.

In June this year, Enviro Infra Engineers Renewables, a subsidiary of EIEL, acquired a 49% equity stake in renewable energy company Soltrix Energy Solutions for ₹13.2 million (~$153,352). Soltrix was awarded a contract for the engineering, procurement, and construction, and maintenance of a 29 MW solar power project for the Maharashtra State Electricity Distribution Company.

In the same month, EIEL announced it will acquire Sunaxis Renewables from EIE Renewables for ₹100,000 (~$1,170.37). Sunaxis Renewables is a special-purpose vehicle that develops ground-mounted and floating solar projects. It oversees the complete lifecycle of floating solar projects, from concept to commissioning, operation, and maintenance. The company also conducts all incidental or ancillary activities.

In the first half (1H) of 2025, 106 solar project acquisitions totaling 19.9 GW were transacted, compared to 113 project acquisitions totaling 18.5 GW in 1H 2024.

A total of 19 solar corporate M&A transactions were recorded in the first quarter (Q1) of 2025, compared to 20 transactions in Q4 2024, and 10% lower compared to 21 solar M&A transactions in Q1 2024. Approximately 13.6 GW of solar projects were secured in Q1 2025, up from 10.8 GW in Q1 2024. On a quarter-over-quarter basis, project acquisition volume also increased, compared to 9.4 GW in Q4 2024.