Yinson has entered into multiple agreements to acquire a 37.5% equity interest in Rising Sun Energy Private Limited (“RSE”), an India-incorporated company with two operational solar plants in the Bhadla Solar Park, Rajasthan, India.

Yinson will pay INR554 million (RM32 million) for the stake, subject to closing conditions, while also providing funding of INR600 million (RM35 million) to repay certain outstanding liabilities of RSE.

The agreements were entered into through Yinson Renewables (S) Pte Ltd.

The two adjoining solar plants have a combined generation capacity of 140MW (AC rated) and achieved their scheduled commissioning dates in 2017. 25-year Power Purchase Agreements, expiring in 2042, have been signed with NTPC Limited, India’s largest power utility, majority owned by the Government of India.

This transaction is in line with Yinson’s strategies for its renewables division, established in 2019. The acquisition supports the company’s vision of becoming a global energy solutions provider, specifically relating to its diversification into renewable energy generation assets.

“This acquisition is a significant milestone for the company as it marks Yinson’s foray into renewable energy,” said Yinson Group Chief Executive Officer Lim Chern Yuan.

David Brunt, Yinson Chief Executive Officer for Renewables commented, “India is an important growth market for our renewables segment, and we are excited to be playing a part in India’s renewable growth strategy. We look forward to working with the RSE team towards achieving our shared objectives.”

Arunav Sharma, Founder & Chief Executive Officer of Rising Sun Energy commented, “We welcome Yinson as a new shareholder which will support RSE’s objectives to grow the business and become a leading renewable energy developer and operator. We believe that Yinson’s support and expertise will help to open up greater opportunities for RSE, both in India and globally.”