K2 Infragen Ltd has announced plans to develop a 2 MW solar power plant in Haryana through its associate company, Animaus Energy Pvt Ltd, strengthening its renewable energy portfolio. The company recently acquired a 49 per cent stake in Animaus Energy, which has signed a power purchase agreement with the Haryana Power Purchase Centre at a tariff of Rs 2.99 per kWh. K2 Infragen intends to eventually make Animaus Energy a wholly owned subsidiary.
K2 Infragen will handle the end-to-end development of the solar project and aims to expand its renewable energy assets to generate stable annuity-based revenues. It is also preparing to enter tariff-based competitive bidding (TBCB) projects in FY27 and is exploring growth through mergers and acquisitions in the renewable space.
The company is focused on creating long-term value across renewable energy and TBCB-based infrastructure segments, Vineet Sharma, Vice President – Strategy & Corporate Affairs at K2 Infragen and Executive Director at Animaus Energy, said. He noted that expanding the renewable asset base would drive sustained growth, strengthen regular income and enhance valuation through quality asset creation.