CLN Energy Ltd acquires shares of Electrovault Power Pvt Ltd

CLN Energy is pleased to announce that it took a 40.1% equity stake in Electrovault Power Private Limited, partnering with the country's leading power trading company, Manikaran Power Private Limited and leading regional renewable energy developer GreenAge Capital Pte Ltd. This new structure introduces CLN Energy and GreenAge as strategic shareholders alongside Manikaran, facilitating a balanced and diversified ownership profile.

The inclusion of CLN Energy and GreenAge is expected to enhance collaboration, align stakeholder interests, and improve operational efficiency.

Electovault plans to develop, build and operate Battery Energy Storage System (BESS) or BESS integrated renewable energy plants in India.

India's BESS market is poised for significant growth, driven by the country's ambitious renewable energy targets, the need for grid stabilization, government initiatives, policy support, and international investments. The Central Electricity Authority (CEA) estimates that India will need 37 GWh of BESS capacity by 2027 and 236 GWh by 2031-32. With the second tranche of INR 5,400 crore Viability Gap Funding (VGF) announcement by the Ministry of Power, India is poised to achieve a BESS capacity of 43.2 GWh by 2027-28.

Shares of CLN Energy Limited was last trading in BSE at Rs. 504.00 as compared to the previous close of Rs. 515.00. The total number of shares traded during the day was 4200 in over 7 trades.

The stock hit an intraday high of Rs. 520.00 and intraday low of 504.00. The net turnover during the day was Rs. 2161530.00.

Source : Equity Bulls

Keywords

CLNEnergy INE0WDX01010 AutoComponents Equipments Investment StakeAcquisition ElectrovaultPower