Saatvik Green Energy Limited, a fully integrated renewable energy company listed on the BSE and NSE, has announced that its wholly owned subsidiary, Saatvik Cleantech EPC Private Limited, has signed a Share Purchase Agreement (SPA) to acquire a 49% equity stake in Intelligent Hydel Solutions Private Limited (IHSPL).
The strategic investment marks Saatvik’s formal entry into the Independent Power Producer (IPP) segment, expanding its portfolio beyond solar module manufacturing and EPC services. The move is expected to strengthen the company’s long-term renewable energy asset base through power purchase agreement (PPA)-backed projects.
IHSPL has already secured a Power Purchase Agreement with Maharashtra State Electricity Distribution Company Limited (MSEDCL) for the development of a 41 MW AC solar power project in Maharashtra. The plant will supply clean electricity under a state-led initiative aimed at solarising agricultural and rural power demand.
Upon completion of the transaction, RMC Switchgears Limited will continue to hold a majority 51% stake in IHSPL, while Saatvik Cleantech EPC will own the remaining 49%.
Commenting on the development, Prashant Mathur, CEO of Saatvik Green Energy Limited, described the proposed acquisition as a key milestone in the company’s strategy to build a diversified and integrated renewable energy portfolio. He noted that the 41 MW PPA-backed project represents the company’s first substantive step into the IPP space, while reinforcing its established strengths in manufacturing and EPC.
The company highlighted its prior operational experience in Maharashtra, particularly through collaborations with MSEDCL. Saatvik has delivered more than 1,800 solar submersible pumps valued at over ₹30 crore under government-backed initiatives such as PM-KUSUM and Magel Tyala Saur Krushi Pump Yojana. These projects have strengthened its execution capabilities and on-ground presence in the state.
The acquisition is expected to position Saatvik for sustained growth in India’s expanding renewable energy and rural electrification landscape.
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