Krystal Associate Signs 25-Year Solar PPA with Maharashtra Govt
Krystal Integrated Services Ltd's associate company, Advait Krystal Solar Energy SPV Private Limited (AKSESPL), in which KISL holds a 49% stake, has signed a 25-year Power Purchase Agreement (PPA). The agreement, dated April 22, 2026, is with the Directorate of Medical Education & Research, Mumbai, and the Directorate of Ayush (M.S) Medical Education & Drug Department, Mumbai. Under a Built-Own-Operate-Transfer (BOOT) model, AKSESPL will design, install, operate, and maintain grid-connected rooftop solar PV systems at various government hospitals and medical colleges in Maharashtra. KISL clarified that it is not a direct party to the agreement and its liability is limited to its 49% investment in AKSESPL, with no corporate guarantee or financial commitment provided.
Key Highlights
- Krystal's associate, AKSESPL, signed a 25-year Power Purchase Agreement.
- The agreement is for rooftop solar PV systems at Maharashtra government hospitals.
- AKSESPL will operate under a Built-Own-Operate-Transfer (BOOT) model.
- KISL holds 49% in AKSESPL; no direct liability for KISL.
- KISL's exposure is limited to its investment in the associate company.