Chemplast Sanmar to pick up 18.46% stake in JSW Green Energy

28 Feb 2025 , 01:50 PM

Chemplast Sanmar Limited reported that the company along with its wholly-owned subsidiary Chemplast Cuddalore Vinyls Limited (CCVL), will pick up a stake in JSW Green Energy Nine Limited. It is a Special Purpose Vehicle formed by JSW Neo Energy Limited for generation of renewable power in Tamil Nadu.
The investment, aggregating to ₹30.43 Crore shall be done in cash. The Chemplast Sanmar will acquire an 18.46% stake for ₹21.38 Crore and CCVL will pick up 7.81% stake for ₹9.05 Crore. The SPV plans to set up 64.90 MW AC (92.80 MW) of solar power capacity and 20 MW of wind power.
The acquisition comes after the signing of a Power Purchase Agreement (PPA) with JSW Green Energy Nine Limited. The agreement allows Chemplast Sanmar and CCVL to fetch renewable energy under the Group Captive Power Scheme. The agreement targets to secure long-term access to green energy. This reduces carbon emissions and shall bring energy costs significantly lower.
The investment is in line with Chemplast Sanmar’s sustainability objectives, fortifying a renewable energy supply for its operations. The SPV shall act as a captive power generator, supplying electricity exclusively to the company and its subsidiaries.
At around 11.05 AM, Chemplast Sanmar was trading 1.43% lower at ₹398.85, against the previous close of ₹404.65 on NSE. The counter touched an intraday high and low of ₹407.20, and ₹391.25, respectively.
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