Cipla acquires 32 per cent stake AMP Energy Green Eleven

Leading pharmaceutical company Cipla has signed an agreement to acquire nearly a third of AMP Energy Green Eleven. The move aims to es­ta­blish a solar power facility in Maharashtra that would be entirely self-contained. In general, captive generation laws require critical consumers to own at least a 26 per cent stake in the renewable energy venture that provides them with power. In a regulatory filing, Cipla announced that it has entered into a shareholders’ agreement and a separate power purchase agreement (PPA) to acquire up to 32.49 per cent equity in AMP En­ergy Green Eleven on a fully diluted basis. Cipla’s new sourcing arran­ge­ment is in line with its objective to increase the use of renewable energy sources in its operations while also adhering to the regulatory obligations for captive users under the Indian electricity legislation.