Exide Industries to Earmark 30% of Equity Shares in 3 SPV for Captive Solar Projects

Exide Industries has announced that it will invest up to 30 per cent of its total equity share capital in three special purpose vehicles (SPVs) to set up captive solar power projects for its manufacturing facilities.

The three SPVs’ are CSE Solar Sunpark Haryana Private Limited, CSE Solar Sunpark Maharashtra Private Limited, and Greenyana Solar Private Limited.

The expenditure of developing the captive solar power projects is around Rs. 200.5 million ($ 2.86 million), with the company as the captive consumer and the three SPVs as the power producer.

Numerous companies, both public and private, have embarked on investing in captive solar power projects to convene their energy demands. Lately, Kudremukh Iron Ore Company Limited (KIOCL) had invited EPC contract of a 5 MW captive solar power project in Mangalore, Karnataka.

In May 2018, the Ministry of Power revised the guidelines linking to captive generation projects in India. Under the draft revision, for a project to be considered captive, minimum 26 per cent of the project possession should be from the captive user, and at least 51 per cent of the power generated must be employed for captive use.

Solar PV | News published on 10/01/2019 by Moulin

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