Greenply Inds and Baahu Panels enter into power purchase agreement with Renew group

25 Aug 2022 , 01:34 AM

Greenply Industries today announced that it along with its Wholly Owned Subsidiary Baahu Panels have signed a Power Purchase Agreement PPA and Share Holders Agreement SHA for a combined SMW capacity with Renew Green GJ Four a special purpose vehicle SPV promoted by Renew Green Energy Solutions RGS Greenply Industries will own a 312Percentage stake Baahu Panels will own 2808Percentage stake in the SPV while the balance will be held by Renew Green Energy Solutions The consideration to be paid will be Rs 0575 crore by Greenply and Rs 5175 crore by Baahu Panels The power will be used by the company at its unit in Rajkot starting Q3 FY23 and at Baahu Panels greenfield MDF board manufacturing unit at district Vadodara Gujarat once it is operational The hybrid power plant is expected to be operational in Q3 FY23 and will be operated by the Power Producer ie the SPV