Carborundum Universal signs 18 MWp solar PPA, invests "₹6.48 Cr for 29.58% equity"

Carborundum Universal Ltd has signed a Power Purchase Agreement (PPA) with Putrim Renewables Private Limited (PRPL), a subsidiary of CSE Development (India) Private Limited, to secure 18 MWp of solar power from PRPL's captive plant in Thoothukudi, Tamil Nadu. This move is part of Carborundum Universal's ESG strategy to increase green power consumption for its operations. Additionally, the company will invest approximately "₹6.48 crores" to acquire 29.58% equity shares in PRPL. This investment will enable Carborundum Universal to obtain solar power for its various plant operations in Tamil Nadu, aligning with its sustainability goals to reduce its carbon footprint. PRPL is a Special Purpose Vehicle incorporated on February 9, 2024, yet to commence operations, and will function as a captive power plant. The acquisition is expected to be completed within 60 days.