Syngene International to Procure Wind-Solar Hybrid Power from O2 Power in Karnataka
Syngene International Ltd., a Bengaluru-based pharmaceutical company, will procure renewable energy from O2 Power’s 201.2 MW wind-solar hybrid plant in Karnataka under a captive arrangement. The company acquired 33.79 percent stake in the SPV for INR 6.5 crore.
March 25, 2025. By Mrinmoy Dey
Accordingly, the company has entered into an amendment to the share subscription/purchase and shareholders’ agreement with O2 Renewable Energy II, a project-specific special purpose vehicle (SPV) for the purpose of acquisition of renewable power for INR 6.5 crore.
“To enhance the renewable-based power consumption, Syngene International Ltd. will acquire and maintain a minimum 26 percent stake in O2 throughout the term of the power purchase agreement to maintain the captive status as per the Electricity Act,” the company shared in a regulatory filing.
According to the Business Responsibility and Sustainability Report, a total of 85.67 million units were received by the company from renewable sources from previous years’ projects, avoiding 61258 MT CO2 emissions in FY24. It further added that the installation of 212 kW rooftop solar panels at MSEZ in FY24, generated renewable solar power of 1.4 lakh units per annum, avoiding 100 MT CO2 emissions. The company has set an ambitious target of increasing RE intake to 96 percent by 2028.
In the recent past, pharmaceutical companies have increased their RE intake. Last week, Supriya Lifescience inaugurated a state-of-the-art (SOTA) 5 MWp solar power facility in Nanded District, Maharashtra.
Last month, Hyderabad-based Aurobindo Pharma signed a power purchase agreement with Swarnaaskshu Solar Power to procure solar energy under a captive arrangement. It will be investing up to INR 10.40 crore for a 26 percent stake in the company's planned 30 MW AC (40 MW DC) solar plant in Telangana.
In February 2025, Mumbai-based Aarti Drugs partnered with Prozeal Green Energy to procure solar power through a captive arrangement. The company picked up a 26.25 percent stake in an SPV for INR 8.05 crore to develop a 24.40 MWp solar power plant.
In January 2025, Ahmedabad-based pharmaceutical company Concord Biotech announced that it will procure 9.9 MW wind-solar hybrid power from Clean Max Enviro Energy Solutions (CleanMax) for its manufacturing plant located at Dholka, Gujarat through a captive arrangement.
In October 2024, Bengaluru-based Strides Pharma invested INR 1.61 crore for a 2.48 percent stake in AMPIN Energy C&I One to procure solar power for its Chennai facility via a group captive arrangement.
Maharashtra-based JB Pharma said it sourced 12.1 percent of its energy needs from renewable sources in 2023-24. In September 2024, Lupin signed a PPA with Sunsure Energy for 21 MW of solar power through open access.
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