Privi Speciality Chemicals Limited has taken a significant step toward sustainable energy by investing in a solar power project aimed at reducing its long-term energy costs and dependence on fossil fuels. On March 10, 2026, the company informed the stock exchanges that it has entered into a Power Purchase Agreement (PPA) along with a Share Subscription and Shareholders Agreement (SSSHA) to secure a stake in a renewable energy project.
As part of the arrangement, the company has invested about ₹1.77 crore to acquire a 5.80 percent equity stake in Radiance MH Sunrise Eleven Private Limited. This company operates as a Special Purpose Vehicle (SPV) that is responsible for developing, constructing, and operating solar power plants. The SPV is currently working on a ground-mounted and grid-connected solar power project in Maharashtra with a total installed capacity of 16.60 MW.
Through this investment, Privi Speciality Chemicals aims to become a captive user under the provisions of the Electricity Act, 2003. This status will allow the company to use the electricity generated from the solar project for its own industrial operations. By doing so, the company expects to increase its use of clean energy while lowering its reliance on conventional energy sources such as coal and natural gas.
The company believes that sourcing electricity from this solar facility will also help reduce its overall power costs in the long run. The move aligns with the company’s broader sustainability goals and its efforts to adopt more environmentally responsible energy solutions.
The acquisition was carried out through a cash transaction. Privi Speciality Chemicals subscribed to 47,103 equity shares at a price of ₹377 per share. The investment was completed in a single tranche, and the payment for the subscription was made on March 9, 2026.
Radiance MH Sunrise Eleven Private Limited was incorporated in March 2021 and is currently in the process of setting up the solar project. Although no government approvals were required for the acquisition itself, the company stated that approvals related to long-term open access and specialized metering systems will be needed once the project becomes operational and connects to the power grid.
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