Filatex India Ltd. signs PPA to procure renewable energy.

Textile manufacturing is energy intensive. The cost of energy from the grid has been increasing continuously.

To mitigate above impact, Filatex India Ltd., under Gujarat's Hybrid Wind-Solar Power Policy 2018, has signed PPA and SHA on 27th July, 2022 with FP Crysta Energy Pvt. Ltd. and FPEL Sunrise Pvt. Ltd. respectively, 100% subsidiaries of Fourth Partner Energy Pvt Ltd., to procure renewable energy from their hybrid wind-solar open access power project as a captive consumer.

The Company will be required to invest Rs. 10.35 crores for a 26% stake in the project to attain captive status. The PPA will be valid for a period of 25 years.

The Company will source 10.8MW of Wind and 10.8MWp of Solar, totaling to estimated 50 million units of energy annually. This will result in savings of INR 10+ crores annually and reduce the carbon footprints of the company.

The project is scheduled for commissioning by 31st March 2023.

EQUITYBULLS