Laurus Labs to Buy Solar Via Open Access in Captive Mode from Vibrant Energy
Laurus Labs to acquire a 26% stake in SPV Ethan Energy for ₹39 million
Pharmaceutical and biotechnology company Laurus Labs has acquired 26% equity shares in Ethan Energy, a special-purpose vehicle (SPV) of Vibrant Energy Holdings, for ₹39 million (~$477,744).
The acquisition will allow Laurus Labs to procure 100% of the energy produced by Ethan Energy from its 10 MW solar project under open access in captive mode.
The pharma company entered into a share subscription agreement and shareholders’ agreement to purchase 740,000 equity shares of the face value of ₹10 (~$0.12) each at a premium of ₹42.70 (~$0.52).
Laurus Labs manufactures active pharmaceutical ingredients (APIs) for anti-retroviral and Hepatitis C drugs. They also manufacture APIs for oncology and other therapeutic areas. The company has manufacturing plants in Hyderabad and Vishakhapatnam.
Vibrant energy is a majority-owned subsidiary of Blueleaf Energy. Headquartered in Singapore and Hyderabad, Vibrant has over 1,117 MW of renewable assets under management, including those under construction. Singapore-based renewable energy company Blueleaf Energy had acquired a majority stake in Vibrate Energy Holdings from ATN International.
Blueleaf Energy is a portfolio company owned by Macquarie’s Green Investment Group (GIG), operating on a standalone basis. GIG specializes in project development and delivery, green infrastructure principal investment, green impact advisory, and the management of portfolio assets.
Early this year, Vibrant Energy Holdings signed power purchase agreements with Sify Technologies for 231 MW of solar and wind energy capacity to power Sify’s latest hyperscale data centers, of which 67 MW solar PPA was signed in March 2021 and recently commissioned.
Tata Power Solar had commissioned an engineering, procurement, and construction project of 66 MW for Vibrant Energy. The project produces 110,029 units of energy annually. The installation will lead to a reduction of carbon emissions of up to 0.9 million tons. The project is spread over 191 acres comprising 1,27,268 solar modules and has been completed within a record nine-month period.