Everest Industries to Procure 5.5 MWp Solar Power in Maharashtra from Gentari
Everest Industries will procure 5.5 MWp solar power from Gentari (Amplus Solar) under a group captive model. The company will be investing INR 1.76 crore in the shares of SPV - Amplus Ampere.
May 20, 2025. By Mrinmoy Dey
The company’s board has approved an investment in Amplus Ampere, a SPV of Amplus, aggregating to INR 1.76 crore through the acquisition of 17,60,000 equity shares at face value of INR 10 per share, shared the company in a regulatory filing.
“The purpose of acquiring shares is availing captive open access for solar energy and thereby increasing the company's utilisation of renewable energy in the state of Maharashtra,” it said.
In FY 2023-24, the company has consumed 1,52,023.4 GJ of electricity from renewable sources out of its total consumption of 3,38,719.14 GJ. This is about 44.88 percent of the company’s total electricity consumption.
“In keeping with our commitment to promote the adoption of renewable energy sources, we have installed solar panels across our facilities. This effort aims at reducing our carbon footprint and reliance on traditional and non-renewable energy sources. We are leveraging fuels derived from biomass to preserve vital environmental resources. This also empowers us to mitigate the environmental threats posed by traditional fuels, thus contributing to a greener future,” mentioned the company in its Annual Report for FY 2023-24.
The company has installed about 2,800 kW of rooftop solar plants across its facilities. This includes a 700 KWp solar power plant at Narmada works in Gujarat which generated approximately 42 percent of total requirement of the plant.
At Lakhmapur Works in Maharashtra, captive 1100 KWp solar power plant generated approximately 11 percent of total requirement of the plant. At Somnathpur Works in Odisha, a captive 500 KWp solar power plant was installed in March 2024.
In March 2025, Auto components and Systems manufacturer Uno Minda Ltd. partnered with Amplus Solar to procure 17.85 MWp of solar power from the latter’s captive plant in Maharashtra under open access arrangement. The company has approved an investment of INR 6.25 crore in the shares of SPV – Amplus Ampere.
In December 2024, Noida-based Uflex Ltd., a packaging solutions provider, partnered with Amplus Solar to procure solar energy to meet green energy needs and optimise energy costs. To fulfil the requirement of captive power consumption under electricity laws it picked up a 17.75 percent stake in Amplus Phoenix Energy for INR 11.67 crore.
In November 2024, Covestro (India) partnered with Amplus Solar Shakti in a 25-year solar power agreement to source 60 percent of its Greater Noida facility's energy needs, aiming to reduce CO2 emissions by up to 5,000 tons annually and enhance sustainability.
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