Filatex India to acquire stake in renewable energy company

30 Jul 2022 , 01:33 AM

Filatex India announced that under Gujarats Hybrid Wind-Solar Power Policy 2018 the company has signed PPA and SHA on 27 July 2022 with FP Crysta Energy and FPEL Sunrise respectively 100Percentage subsidiaries of Fourth Partner Energy to procure renewable energy from their hybrid wind-solar open access power project as a captive consumer The Company will be required to invest Rs 1035 crore for a 26Percentage stake in the project to attain captive status The PPA will be valid for a period of 25 years The Company will source 108MW of Wind and 108MWp of Solar totaling to estimated 50 million units of energy annually This will result in savings of Rs 10 crores annually and reduce the carbon footprints of the company