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Banganga Paper Industries’ arm enters into PPA with Livint Green Technologies

17 Feb 2025 Evaluate

Banganga Paper Industries’ wholly owned subsidiary--Banganga Paper Mills has entered into a Power Purchase Agreement (PPA) with Livint Green Technologies for the procurement of solar power under a captive power generation model.

As per the agreement, Livint Green Technologies will develop, own, and operate a 2.5 MW DC ground-mounted solar power plant at Karjat Village, Ahmednagar District, Maharashtra. This solar facility will supply clean energy to Banganga Paper Mills' manufacturing unit in Nashik, ensuring a reliable and cost-effective renewable energy source. To comply with captive power generation regulations, Banganga Paper Mills will hold a 26% equity stake in the power-producing entity, while the remaining 74% will be retained by Livint Green Technologies. The project will be developed under a Build-Own-Operate model, ensuring long-term sustainability and operational efficiency. 

Additionally, under a Wheeling and Banking Agreement, any surplus electricity generated from the solar power plant will be banked with the state’s power distribution company for later use. This strategic move will not only provide energy security but also enable Banganga Paper Mills to leverage carbon credits, reinforcing its environmental responsibility and commitment to green energy solutions. The PPA has a minimum lock-in period of 15 years, with provisions for extension upon mutual agreement, demonstrating a long-term commitment to renewable energy and sustainable business practices.

Banganga Paper Industries (Formerly known as Inertia steel) is one of the leading manufacturers and suppliers of a diverse range of Kraft paper.


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