Finolex Enters into SPA with Hinduja Renewables for Solar Power Procurement
This move aims to augment the utilization of renewable power sources.
March 06, 2024. By Abha Rustagi
The Shareholders’ Agreement, inked to leverage the captive power policy of the Government, facilitates FIL's acquisition of 15.30 percent of the equity share capital of HROPL. This move aims to augment the utilization of renewable power sources. Consequently, FIL will be empowered to procure 8.36 MW of green power for a substantial period of 25 years, subject to a 15-year lock-in.
This initiative positions FIL to harness solar power through the group's captive generation mechanism. The project's scope extends to supplying Solar Power to FIL's units located in Urse and Ratnagiri, Maharashtra.
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