CIE Automotive India Invests INR 36.03 Mn to Procure Solar Power from ReNew’s 7.8 MW Captive Plant
CIE Automotive India has invested INR 36.03 million for a 31.2 percent stake in ReNew Green's SPV to establish a 7.8 MW captive solar plant, reducing energy costs for its Maharashtra factories.
November 01, 2024. By Mrinmoy Dey
The SPV will be setting up a captive generating plant with a gross capacity of around 7.8 MW AC (10.92 MWp) and supply captive solar power from this plant to CIE Automotive’s factories in Maharashtra.
“In order to qualify as a captive consumer, the company must hold at least 26 percent of the total equity capital of the power generating plant. Accordingly, the investment is essentially to qualify as a captive consumer and thereby optimising the power cost at the factories in Maharashtra,” shared CIE Automotive India in a regulatory filing.
It further detailed that the company has acquired 31.20 percent of the paid-up equity share capital of the SPV which comprises 9,24,000 equity shares of INR 10 each at a premium of INR 29 per equity share.
In recent times, we have seen an influx of such transactions in the commercial and industrial (C&I) segment, with many players making the transition to renewable power – solar energy in particular.
For example, Kolkata-based Ramkrishna Forgings has approved an investment of INR 12.90 crore in equity and debentures in AMP Energy C&I Fifteen, an SPV by Ampin Energy Transition, to secure solar power under a captive generation scheme for its operations.
Similarly, Strides Pharma approved an investment of INR 1.61 crore to procure solar power from AMPIN’s Project in Chennai.
Group captive project is another model that is gaining traction in the C&I segment. Automotive component company Varroc Engineering (Varroc) has announced that it will procure solar power from AMPIN's 27 MW group captive project in Maharashtra.
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