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AGE already held 49 per cent stake in KSPPL. KSPPL was incorporated in August 2015 and has set up 20 MWac solar power project at Bagewadi, Karnataka, AGE said in a BSE filing.
“KSPPL stake is acquired with an object of consolidating the company’s interest in KSPPL and within the overall objective of the company. With this acquisition, KSPPL has become the wholly-owned subsidiary of the company,” it added.
KSPPL has Power Purchase Agreement (PPA) with Bangalore Electricity Supply Company Ltd. The fixed PPA tariff is Rs 5.48/kWh for a period of 25 years. The project was commissioned on January 6, 2018.
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