Solargise Shines: Acquires Majority Stake In Grapp
Solargise Shines: Acquires Majority Stake In Grapp
UK solar power firm is set for sunny shores. The British firm has acquired a majority stake in Indian renewable energy firm Grapp Energies and the subsidiary Green Ripples for around $200 million. Following the acquisition, the new entity is going to be named as Solargise Grapp Energies Private Limited.
"Solargise has announced an investment of USD 200 million to acquire majority stake in GRAPP Energies Pvt Ltd and its subsidiary company Green Ripples Pvt Ltd to establish solar power projects in India," Grapp Energies Director Prathmesh Mairal has been quoted as having said in a statement.
"The investment comes as equity commitment. The order book of Grapp Energies and project pipeline is in excess of 250 MW altogether. Additionally, Solargise is developing a 200 MW project in Gujarat," Both Solargise and Grapp have been in Indian for 4 years now and executed 80 off-grid solar power projects during this span of time.
Grapp has just got a 200 megawatt project in Northern as well as Wester India and EPC orders for 145 MW. Solargise has been founded by an NRI Raj Basu who has made commitments to invest in 2 Indian states namely Gujarat and Rajasthan for building solar power projects. Apart from this, Solargise will partner Grapp for building photovoltaic modules as well as an R & D facility.
Basu has been given the post of Executive Chairman in the new entity while Mairal is the MD. Solar power firm Solargise has made ripples with its acquisition. Solar power holds the key to the current energy crisis.
Given India's energy crisis, solar power is a form of renewable energy that can be used for domestic as well as commercial purposes. The use of fossil fuels and the mounting GHG (greenhouse gases) emission as a result of this have played havoc with the climate of the world.
Moreover, the biggest problem with non-renewable sources of energy is that they are limited in supplies. Sooner or later (more likely the former than the latter) fossil fuels will deplete beyond the crisis point. With so many industries relying only on non-renewable energy sources, this can even lead to the breakdown of the economy.
If companies do not start building capacity and infrastructure for the use of solar energy and other renewable forms of energy, what will be left of them when fossil fuels deplete? The coal dependant power sector in India faced a lot of troubles due to shortage of coal in recent times.
With the population of the world rising every second, more power consumption with fewer resources is the grim reality we will eventually face. If renewable sources of energy do not come into use in the mainstream, dark days are ahead for India's power sector.
Fuel for the economy comes from fossil fuels in many cases. But a regular monsoon is equally important and GHG emissions leading to global warming can mar this. Industrialists and business leaders must look to solar power and other renewable sources of energy if they want to see bright days ahead for the Indian economy.
