The company will invest ₹165.6 million (~$1.9 million) for 29% equity
Chennai-based Seshasayee Paper and Boards has announced it will source 39 MW of renewable energy from Ganeko Solar, Zelestra Corporacion’s wind-solar hybrid power project affiliate.
Seshasayee Paper will invest ₹165.6 million (~$1.9 million) for a stake of up to 28.1% equity share capital of Ganeko Solar’s newly established special purpose vehicle Navia One Power.
Zelestra Corporation has signed share purchase, energy supply, and share subscription and shareholders’ agreements with Ganeko Solar.
Ganeko Solar will establish a 39 MW wind-solar hybrid project in Tamil Nadu, with an approximate solar capacity of 33 MW and wind capacity of 6 MW.
Seshasayee Paper and Boards manufactures and sells various grades of printing, writing, packaging, and specialty papers.
With this agreement, the company aims to meet its energy needs through renewable sources partially. In 2023, it consumed 4,797,759 GJ of energy from renewable sources. The company said that renewable energy sources and biofuels address 70% of its Erode-based manufacturing units’ energy needs.
Several commercial and industrial consumers have begun switching to renewable energy to meet their renewable energy obligations and reduce their carbon footprint. Industries such as metal, hotels, cement, and chemicals are some of the prominent sectors shifting to cleaner energy.
In March this year, commercial trucks and luxury buses manufacturer Daimler India Commercial Vehicles signed a power purchase agreement to procure 16.2 MW of renewable energy from Zelestra India to power its factory in Oragadam, near Chennai.
In the same month, specialty chemicals manufacturer Chemplast Sanmar and its subsidiary Chemplast Cuddalore Vinyls announced they would procure power from JSW Green Energy Nine’s 84.9 MW wind-solar captive power project in Tamil Nadu under a power purchase agreement.
The company entered energy supply, share subscription, and shareholders agreements to acquire a 26% equity share in AMPIN C&I Power Eight, investing ₹255 million (~$2.98 million).
