Filatex India signs PPA and SHA for Hybrid Wind Solar Power; stock slides ~3%

28 Jul 2022 , 10:49 AM

Filatex India Limited informed that under Gujarat’s Hybrid Wind-Solar Power Policy 2018, it signed a Shareholder Agreement (SHA) & Power Purchase Agreement (PPA) on July 27, 2022.

The agreements have been signed with FP Crysta Energy Pvt. Ltd. and FPEL Sunrise Pvt. Ltd. respectively, 100% subsidiaries of Fourth Partner Energy Pvt Ltd., to procure renewable energy from their hybrid wind-solar open access power project as a captive consumer.

The company seeks to infuse Rs10.35 crore in exchange for a 26% stake in the project to attain captive status. The said PPA will be valid for a period of 25 years.

The company will obtain 10.8MW of wind energy and 10.8MWp of solar energy, totaling an estimated 50 million units of energy per year.

This will result in annual savings of more than Rs10 crore and a reduction in the company’s carbon footprint.

The project is scheduled for commissioning by March 31, 2023.

At around 10.52 AM, Filatex India was trading at Rs97.20 down by Rs3.15 or 3.14% from its previous closing of Rs100.35 on the BSE. The scrip opened at Rs98.70 and touched intraday high and low of Rs98.95 and Rs96.25 respectively.