Seshasayee Paper and Boards has announced that it will source 39 MW of renewable power from a wind-solar hybrid energy project. The project is being developed by Ganeko Solar, an affiliate of Zelestra Corporacion.
Ganeko Solar will establish the hybrid project in Tamil Nadu, comprising approximately 33 MW of solar capacity and 6 MW of wind capacity, under a newly formed special purpose vehicle named Navia One Power. As part of the arrangement, Seshasayee Paper will invest Rs 165.6 million to acquire up to 28.1 per cent equity in Navia One Power.
Ganeko Solar has signed share purchase, energy supply, and shareholder agreements with Zelestra Corporacion as part of this arrangement. With this investment, Seshasayee Paper aims to partially fulfil its energy requirements through renewable sources.
