Privi Speciality Chemicals Invests ₹1.77 Cr in Solar Project for Sustainable Energy
Privi Speciality Chemicals Ltd has invested ₹1.77 crore in Radiance MH Sunrise Eleven Private Limited to bolster its clean energy strategy. The investment, via a PPA and equity stake in an SPV, supports a 16.60 MW solar power plant. This initiative aims to increase renewable electricity use, reduce reliance on fossil fuels, lower costs, and enhance environmental performance by securing a stable, captive supply of clean energy for its operations.
Privi Speciality Chemicals Ltd has taken a significant step toward strengthening its clean energy strategy by investing ₹1.77 crore in Radiance MH Sunrise Eleven Private Limited. This strategic move aims to substantially increase the use of renewable power across its operations and significantly reduce dependence on conventional energy sources. The company has formalized its participation through a Power Purchase Agreement (PPA) and a Share Subscription and Shareholders Agreement (SSSHA), securing an equity stake in the special purpose vehicle (SPV) developing the project.Radiance MH Sunrise Eleven Private Limited is developing a 16.60 MW ground-mounted, grid-connected solar power plant. Once operational, this facility will supply renewable electricity to participating companies, including Privi Speciality Chemicals. This structure allows Privi to qualify as a captive user under the Electricity Act, 2003, providing greater control over energy sourcing and ensuring a stable supply of renewable electricity directly from the project for its industrial operations.This investment is integral to Privi's broader sustainability and decarbonisation strategy. By sourcing electricity from the new solar facility, the company aims to reduce its reliance on fossil fuels and expects to lower long-term electricity costs due to the predictable pricing of renewable energy. Integrating renewable power into its operations will significantly reduce its environmental footprint and support India’s transition toward cleaner energy systems, reflecting a growing trend among energy-intensive industries to adopt low-carbon energy solutions and improve environmental performance under increasing pressure.
