Sunedison Infra To Acquire Megamic Electronics & Enrecover Energy
The Board of Directors of SunEdison Infrastructure Limited ('the Company') at its meeting have considered and approved the acquisition of Megamic Electronics Private Limited and Enrecover Energy Solutions Private Limited.
The Acquisition is subject to execution of Shareholder Agreements and Share Purchase Agreements between the Company and Respective Shareholders of the Company and approval of share transfers by the Board of Directors of the respective companies.
Megamic Electronics Private Limited is actively involved in design, development and supply of Remote Monitoring with Performance Analysis and Control Solutions for the Solar Renewable Energy market. The company has developed a portfolio of field proven products and solutions which aid plant owners and O&M teams to efficiently collect data across components in a Solar Plant.
SunEdison Infrastructure Limited is into installation of solar water pumps, solar rooftop panels etc. The acquiree company is into development of Remote Monitoring Solutions with performance analysis and control solutions. These solutions can be used in Solar Plant (>50 Kw) that needs monitoring, EPC companies, O&M companies, and Solar Pump Monitoring. This acquisition will help SIL in delivering high performance solar assets to the customers with improved customer service and visibility. The consideration is approximately INR 1 Crores and 0.3% equity shares of SIL in exchange of 51% stake in Megamic Electronics.
Enrecover manufacturers Organic Rankine Cycle system for heat recovery and power generation from geothermal resources, biomass, solar and waste streams. This novel method of heat recovery and clean power generation will complement SIL's current offerings and help launch new innovative clean energy solutions. They are currently doing a pilot in Tata Steel and have designed, manufactured and installed 100kW system to recover heat. The consideration is approximately INR 1.12 Crores for 51% stake in Enrecover Energy Recovery Solutions Private Limited.