Havells India to Procure Solar Power from Kundan Green’s 15 MWac Captive Project
Havells India will procure power from a 15 MWac captive solar plant to be set up by Kundan Solar, an SPV of Kundan Green Energy. The company plans to enter into a 25-year PPA for sourcing solar power for its plants in Rajasthan.
November 27, 2025. By Mrinmoy Dey
The company has approved acquiring a stake of 26 percent in Kundan Solar (Pali), a Special Purpose Vehicle (SPV), established for the business of developing, installing, operating, managing and maintaining the solar power plant, the company stated in a regulatory filing.
“The purpose of this transaction is to strategically reduce dependence on fossil fuels and move towards green energy. Kundan Solar will set up a 15 MWac solar power plant, and Havells plans to enter into a long-term Power Purchase Agreement (PPA) up to 25 years,” it said.
It further added that this arrangement will result in savings in power cost at plant locations in Rajasthan with a payback within about 12-18 months from the date of commissioning of the project.
The project is expected to be commissioned in Q2 FY27. Havells will be investing about INR 5.63 crore in multiple tranches. “Investment is planned in multiple tranches linked to project milestones and is expected to be completed by June 30, 2026,” it said.
In FY25, Havells installed 4.4 MW solar power plants at its Alwar and Sricity facilities, scaling up the company’s total solar power capacity to 15.6 MW (approximately). “With this, we are meeting about 10 percent of our total electricity requirement through renewable energy sources and have achieved a significant 10,992 tCO2e emissions reduction in FY 2024-25,” the company stated in its Annual Report. It further added that the company has generated about 15,320 MWh of solar energy in FY25.
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