Greenply Industries, Baahu Panels ink pact with Renew Green for hybrid power project in Gujarat

22 Aug 2022 Evaluate

Greenply Industries and its wholly owned subsidiary, Baahu Panels, have signed a Power Purchase Agreement (PPA) and Share Holders Agreement (SHA), for a combined 5MW capacity with Renew Green (GJ Four), a special purpose vehicle (SPV) promoted by Renew Green Energy Solutions (RGS). The company will own 3.12% stake, Baahu Panels will own 28.08% stake in the SPV while the balance will be held by Renew Green Energy Solutions. The consideration to be paid will be Rs 0.575 crore by Greenply and Rs 5.175 crore by Baahu Panels.

The power will be used by the company at its unit in Rajkot starting Q3FY23 and at Baahu Panel’s greenfield MDF board manufacturing unit at district Vadodara, Gujarat once it is operational. The hybrid power plant is expected to be operational in Q3FY23 and will be operated by the Power Producer i.e. the SPV. The agreement has been signed for 25 years with ReNew Green Solutions, the B2B unit of ReNew Power under the Gujarat Wind Solar Hybrid Policy 2018. This collaboration highlights the company’s unwavering commitment to green energy and reducing its carbon footprint.

Greenply Industries is primarily involved in manufacturing of plywood and trading of plywood and allied products.

Greenply Industries Share Price

230.65 0.95 (0.41%)
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Company Name CMP
Century Plyboards(I) 630.00
Greenply Industries 230.65
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