Everest Industries has announced its plan to source 3 MW of solar power from Enerparc Solar Power 10’s upcoming 15 MW project in Tamil Nadu. This will be achieved through group captive, where the power will be channeled to the Podanur plant of Everest in Coimbatore and will help the company in availing the clean energy at competitive prices.
Under this arrangement, Everest Industries shall make an investment of 10.65 million to obtain a 5.31 percent equity interest in the special purpose vehicle (SPV) that is managing the solar.
That investment gives Everest ownership rights in the project in proportion to its investment and guarantees a long-term renewable supply of energy to its operations.
The deal is supposed to be completed on or before November 30, 2025, in conjunction with the scheduled commissioning of the solar plant.
Everest Industries has been taking phase-wise progressive steps to gain a foothold in renewable energy, with current rooftop solar capacities in Gujarat, Maharashtra, and Odisha forming part of its energy mix.
This new endeavour reinforces the sustainability profile of the firm and its resolve to reduce carbon footprints at the manufacturing sites.
The group captive model allows Everest to achieve cost efficiency and a reliable power supply and align with the purchase obligations of renewables.
The partnership with Enerparc points to the active nature of Everest Industries in adopting green energy in the Indian industrial scene.
The partnering of Enerparc reveals that Everest Industries is a forward-looking company that is willing to take green energy to the industrial sector in India.
