Suprajit Partners with Blupine and Solarcraft 26 for Solar Power Project in Karnataka

In a strategic move to enhance its renewable energy sourcing, Suprajit Engineering Ltd. has entered into multiple agreements to secure solar power as a captive consumer from a solar power plant located in Karnataka. 

The agreements include a Shareholders’ Agreement (SHA), a Power Purchase Agreement (PPA), and a Share Subscription Agreement (SSA), signed with Blupine Energy Private Ltd. and Solarcraft Power India 26 Pvt. Ltd.

These agreements facilitate Suprajit Engineering's investment of INR 88.2 lakh in one or more tranches, securing a minimum 26 percent stake (along with other captive users) in Solarcraft Power India 26 Pvt. Ltd.'s equity share capital and compulsory convertible debentures.

Meanwhile, Suprajit Automotive Pvt. Ltd. (SAPL), a wholly-owned subsidiary of Suprajit Engineering, has entered into similar agreements. SAPL will invest INR 37.8 lakh in Solarcraft Power India 26 Pvt. Ltd. under the same terms, ensuring a 26 percent stake alongside other captive users.

"The transaction is subject to customary conditions precedents and expected to be completed within 9 Months," said the firm.

Solarcraft Power India 26 Pvt. Ltd. operates in the power generation sector, and the investment will contribute to enhancing Suprajit Engineering’s renewable energy capabilities.

The agreements underline the company's proactive approach to integrating green energy solutions into its operations, reducing reliance on conventional power sources, and supporting a sustainable future.