Business Update14 May 2026, 05:01 pm
IMFA Terminates 40 MW Renewable Power Agreement
AI Summary
Indian Metals & Ferro Alloys Ltd (IMFA) has terminated its Power Purchase Agreement (PPA) and Share Subscription and Shareholders Agreement (SSHA) with Ampin Energy Utility One Private Limited, effective May 14, 2026, due to delays in project delivery and approvals. The original agreement, dated May 27, 2025, and June 12, 2025, respectively, was for the supply of 40 MW of hybrid renewable power (58 MW AC Solar & 58 MW Wind). IMFA's ₹12.32 Crore investment for a 4.36% equity stake in the Power Producer will be refunded as per the termination agreement. IMFA is in discussions with another renewable energy developer and expects to finalize an agreement in Q1FY27.
Key Highlights
- IMFA terminates PPA and SSHA with Ampin Energy due to project delays.
- Termination effective May 14, 2026; agreement initially signed in 2025.
- IMFA to receive a refund of ₹12.32 Crore investment in Ampin Energy.
- The agreement was for 40 MW hybrid renewable power supply.
- IMFA expects to sign a new renewable energy agreement in Q1FY27.