Hyderabad based Suryachakra Power Corporation Limited has concluded an agreement with Climate Change Investment II for a INR 50 crore equity investment in its wholly owned subsidiary Lahari Power and Steels Limited. Following this Suryachakra will have a 73.9% stake in Lahari Power and Steels Limited and Climate Change will hold the remaining 26.1% shareholding.

Suryachakra’s board decided to bring its entire renewable energy project portfolio under Lahari Power and Steels Limited. In order to achieve the purpose, Suryachakra and its associates would transfer the equity shares held in MSM Energy Limited, South Asian Agro Industries Limited and Sri Panchajanya Power Private Limited to LPSL. Suryachakra’s renewable energy vertical is engaged in developing biomass, solar, wind and hydro power projects.

This is part of the proposed financing of INR 450 crore planned to be raised by Suryachakra over the next 12 months. Mr SM Manepalli MD of SPCL said that “We have been building up our credentials in delivering renewable energy projects over the last few years and this investment by a third party foreign investor is a validation of our capabilities.”

(Sourced from Business Standard)