Manufacturer of polyester filament yarn Filatex India has signed contracts with 100% subsidiaries of distributed solar company Fourth Partner Energy to buy renewable energy from the latter’s hybrid wind-solar open access power project as a captive customer. Filatex established a power purchase agreement (PPA) and a shareholders agreement with FP Crysta Energy and FPEL Sunrise.
According to the company, textile manufacturing is an energy-intensive industry so it wants to reduce the cost of energy required for textile manufacturing. To achieve captive status, Filatex will be investing Rs 103 million for a 26 percent stake in the project. The PPA will be in effect for 25 years.
The project, which was established in accordance with Gujarat’s 2018 Hybrid Wind-Solar Power Policy is anticipated to be completed by March 2023.The hybrid project will provide the company with 10.8 MW of wind and 10.8 MWp of solar energy, aggregating approximately 50 million units of energy. Through the project, the company plans to save more than Rs 100 million per year and lower its carbon footprint.