Punj Lloyd provides update on subsidiary - Punj Lloyd Infrastructure

Punj Lloyd Infrastructure to co-develop 30 MW solar power projects in Uttarakhand

Punj Lloyd announced that Punj Lloyd Infrastructure (PLIL), a wholly owned subsidiary of the Company has executed definitive agreements with India Power Green Utility (IPGUPL) to co-develop 30 MW of solar assets in Uttarakhand, in respect of three Solar Power Projects, each of 10 MW capacity won by PLIL under the tarrif based competitive bidding process in October 2015 to be executed by its Wholly Owned Subsidiaries (WOS) viz. PL Surya Vidyut, PL Sunrays Power, and PL Solar Renewable.

As per the transaction, PLIL will divest 49% of its shareholding in its three subsidiaries viz. PL Surya Vidyut, PL Sunrays Power and PL Solar Renewable. The SPV's have signed 25 years power purchase agreements with Uttarakhand Power Corporation. The Company shall be responsible for the entire engineering, procurement and commissioning of the above projects.

The transaction is expected to be completed once customary closing conditions and approvals are obtained. Greenstone Energy Advisors is acting as the exclusive financial advisor to PLIL for the transaction.

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