Mumbai, Feb 13: Saatvik Green Energy Limited, one of India’s fastest-growing fully integrated renewable energy companies listed on BSE & NSE, announced that its wholly owned subsidiary, Saatvik Cleantech EPC Private Limited, has signed a Share Purchase Agreement (SPA) to acquire 49% stake in Intelligent Hydel Solutions Private Limited (IHSPL).
This strategic acquisition marks Saatvik’s first move into the Independent Power Producer (IPP) business, complementing its existing solar module manufacturing and EPC capabilities with long-term, PPA-backed renewable energy assets.
IHSPL has secured a Power Purchase Agreement (PPA) with Maharashtra State Electricity Distribution Company Limited (MSEDCL) to develop a 41 MW AC solar power plant in Maharashtra. The plant will supply clean energy as part of a state-led initiative to solarise agricultural and rural electricity demand. Upon completion of the transaction, RMC Switchgears Limited will retain 51% ownership, while Saatvik Cleantech EPC Private Limited will hold the remaining 49% stake.
Mr. Prashant Mathur, CEO of Saatvik Green Energy Limited, said:
“This proposed acquisition is a key milestone in Saatvik’s journey toward building a diversified and integrated renewable energy portfolio. We are taking our first real step into the IPP space by adding a 41 MW PPA-backed project in Maharashtra, while continuing to strengthen our solar module manufacturing and EPC capabilities. This partnership-driven model allows us to create long-term, sustainable value for our stakeholders and contribute to India’s clean energy and rural electrification goals.”
Saatvik’s previous collaborations in Maharashtra have established a strong operational track record with MSEDCL, delivering over 1,800 solar submersible pumps worth more than ₹30 crore through government-backed programs such as PM-KUSUM and Magel Tyala Saur Krushi Pump Yojana. These partnerships reinforce Saatvik’s execution capabilities and local presence, making the acquisition a strategic step toward expanding its renewable energy footprint.