Antony Waste sets-up twin SPVs for waste-to-energy projects in Andhra Pradesh

In a key development, Antony Waste Handling Cell Limited (AWHCL) has expanded into the renewable energy segment with the incorporation of two new subsidiaries – Kurnool Renew Energy Private Limited and Kadapa Renew Energy Private Limited.

Both entities have been established under Antony Lara Enviro Solutions, a material subsidiary of AWHCL in which Antony Waste holds a 73% equity stake. As a result, AWHCL effectively owns 73% of these new step-down subsidiaries.

The first of these, Kurnool Renew Energy, has been created as a Special Purpose Vehicle (SPV) to execute a project awarded by the New & Renewable Energy Development Corporation of Andhra Pradesh (NREDCAP). The project involves processing municipal solid waste (MSW) through a Material Recovery Facility (MRF) and generating renewable energy through a Waste-to-Energy (WTE) plant.

While operations are yet to begin, AWHCL emphasized that this strategic move marks a significant diversification of its portfolio, extending its business model beyond traditional waste management into sustainable energy production.

The announcement was made in compliance with SEBI’s regulatory disclosure requirements.

‘Hands Full’

Last month, Antony Lara announced to have bagged two major contracts worth a combined Rs 3,200 crore to develop Waste-to-Energy plants in Andhra Pradesh. Each plant carries a project cost of around Rs 1,600 crore and will be completed within 24 months of signing the concession agreements, power purchase agreements or land transfer, whichever occurs later. The contracts come with a 20-year concession period.

Under the arrangement, APSPDCL will purchase electricity generated at a fixed tariff of ₹8.10 per unit.