MSP Steel & Power has entered into a Power Purchase Agreement (PPA) with Elevate Solar Energy. The PPA relates to the Procurement of Solar Power facility of a contracted quantity of 10MWp (DC) of Electricity per annum at tariff rate of Rs 3.17 per unit by the company for a term of 25 years from the execution date of the agreement.
The said agreement has been executed under the Group Captive Open Access Permissions mechanism, aimed at optimizing energy costs and increasing the company’s renewable energy consumption. As part of the arrangement, the company is stated to acquire 26% of shareholding in Elevate Solar Energy corresponding to their Contracted Energy/Quantity on terms and conditions agreed upon in the Shareholders’ Agreement (to be executed on a later date).
MSP Steel & Power is engaged in the manufacture and sale of iron and steel products and generation of power.
