Exide Procures Stake in Cleantech’s 3 SPV’s for obtaining Energy from Solar Plants

Exide Industries Limited has announced that it has arrived into 3 distinct SSSAs’ with Cleantech Solar Energy for 3 SPV companies for the acquisition of energy from three captive power plants to be set-up by the SPV companies.

 “As a result of above, the Company has agreed to subscribe equity shares comprising at least 26% (twenty-six percent) but not exceeding 30% (thirty percent) of the issued and paid up share capital of each of the 3 SPV companies,” it further.

As per the pact, Exide has picked up 26-30% equity stake in CSE Solar Sunpark Tamil Nadu, Greenyana Solar and CSE Solar Sunpark Maharashtra—three special purpose vehicles formed by Cleantech Solar Energy to set up captive solar power plants for Exide Industries’ factories in Tamil Nadu, Haryana and Maharashtra.

Exide will obtain energy for its Hosur factory, Bawal (Haryana) factory and three factories in Maharashtra from the captive solar plants set up by CSE Solar Sunpark Tamil Nadu, Greenyana Solar and CSE Solar Sunpark Maharashtra, respectively.