Business Update23 Apr 2025, 11:19 pm
Sunflag Iron & Steel Company Ltd Enters Long-term Power Purchase Agreement with Sunsure Solarpark Thirty Seven Private Limited
AI Summary
Sunflag Iron & Steel Company Ltd has entered into a long-term Power Purchase Agreement (PPA) with Sunsure Solarpark Thirty Seven Private Limited for the purchase of power generated from a 11.00 MW AC/16.5 MWp DC solar (photovoltaic) electric generating facility. The Company will also acquire and maintain 26.00% stake in the Power Producer Company throughout the term of the PPA. This move aligns with the Company's ESG goals and aims to ensure captive status as per the Electricity Act.
Key Highlights
- Sunflag Iron & Steel Company Ltd has entered into a long-term PPA with Sunsure Solarpark Thirty Seven Private Limited
- The Company will acquire and maintain 26.00% stake in the Power Producer Company throughout the term of the PPA
- The agreement is part of the Company's ESG goals and aims to ensure captive status as per the Electricity Act
- The Power Producer is a Special Purpose Vehicle Company incorporated on 2nd December, 2024
- The Power Producer is engaged in the business of development, construction, operation, and maintenance of power plants in India