EIE Renewables Private Limited has signed a share purchase and options agreement to acquire PRA Bihar BESS Private Limited, a special purpose vehicle (SPV) set up for a 37.5 MW/150 MWh battery energy storage system (BESS) project in Bihar.
The company will initially acquire a 49 per cent stake in the SPV, with the balance 51 per cent to be acquired within 60 days of the project’s commercial operation date. The project is being developed under the build-own-operate-transfer model with viability gap funding support across multiple districts in Bihar.