Reliance Industries Ltd (RIL) has announced the acquisition of two solar power entities — MSKVY Nineteenth Solar SPV Limited and MSKVY Twenty-second Solar SPV Limited — from MSEB Solar Agro Power Limited, marking a major step in expanding its renewable energy footprint.
The acquisition, approved by RIL’s Board of Directors, involves a 100% equity purchase in both companies and is linked to a 128 MW solar power project under the Mukhyamantri Saur Krushi Vahini Yojana 2.0 scheme in Maharashtra. The transaction is expected to be completed by April 2024.
Project Overview
The two SPV companies form part of a state-backed initiative focused on promoting solar energy adoption in the agricultural sector. The project spans multiple sites across Maharashtra, aimed at enabling farmers to access affordable and sustainable power.
Under the Mukhyamantri Saur Krushi Vahini Yojana 2.0, solar plants are developed to supply daytime electricity to rural feeders, reducing dependence on conventional grid power and supporting the state’s clean energy transition.
Strategic Rationale
This acquisition aligns with Reliance’s broader clean energy strategy, which includes significant investments in solar manufacturing, battery storage, and green hydrogen. By securing operational control of these SPV companies, RIL is strengthening its project execution capabilities and enhancing its renewable energy portfolio at the state level.
Industry observers note that this move underscores RIL’s intent to play a leading role in India’s solar expansion roadmap, complementing its long-term target of achieving net-zero emissions by 2035.
Outlook
Upon completion, the Maharashtra solar project is expected to boost rural energy access, create local employment opportunities, and contribute to the state’s renewable capacity addition targets. RIL is expected to share further details on the transaction’s financial and operational aspects post-acquisition.
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