21st Mar 2024 10:25
(Alliance News) - OPG Power Ventures PLC announced on Thursday that it sold its minority stake of four solar assets in Karnataka, India totalling 62 megawatts.
The Isle of Man-based developer and operator of power plants in India sold its 31% interest in each asset for GBP291,000 compared to an original investment of GBP2,115.
This follows a decision made last year to divest from solar assets impacted by Covid-19 and focus on other higher performing assets.
A subsidiary of OPG, OPG Power Generation Pvt Ltd, continues to hold a 31% interest in Aavanti Solar Energy Pvt Ltd, Mayfair Renewable Energy (I) Pvt Ltd, Aavanti Renewable Energy Pvt Ltd and Brics Renewable Energy Pvt Ltd.
The subsidiary will retain debentures in these assets worth GBP10.8 million.
OPG Chief Executive Officer Avantika Gupta said: "Our business remains robust and we look forward to provide continuous updates on progressing our strategy within the Indian energy sector."
Shares in OPG were down 0.9% to 10.61 pence in London on Thursday morning.
By Elijah Dale, Alliance News reporter
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