Grasim Industries Limited, the textile arm of the Aditya Birla Group, has signed a supplemental share subscription agreement with ReNew Green Energy Solutions and ReNew Surya Uday. The company plans to procure additional energy from its solar-wind hybrid open access project as a captive consumer.
The company said in a BSE filing that it would invest ₹145.1 million (~$1.92 million) in ReNew Green Energy Solutions to procure an additional 16.68 MW of power from its wind-solar hybrid open access project in Gujarat.
In August 2021, Grasim Industries had invested ₹153.1 million (~$2.06 million) for a 26% stake in ReNew Green Energy Solutions to procure 17.6 MW power.
ReNew Green Energy Solutions will invest ₹413 million (~$5.48 million) to develop this additional 16.68 MW capacity for captive power consumption by Grasim through the open access mechanism.
In August, ReNew invested ₹435.8 million (~$5.87 million) to develop the 17.6 MW solar-wind hybrid project. The hybrid project’s combined capacity will now be 34.28 MW.
ReNew Green Energy Solutions is a subsidiary of Renew Power, an independent renewable power producer.
In July 2021, Mahindra & Mahindra signed a power purchase agreement with ReNew Sunlight Energy, a subsidiary of ReNew Green Energy Solutions, to procure solar power from its open access project as a captive consumer.
According to Mercom’s India Solar Open Access Market Report Q2 2021,the solar open access market installed 628 MW of capacity in the first half (1H) of 2021, a 12-fold growth compared to 47 MW installed in the same period last year. Uttar Pradesh led the way with the highest installations in 1H 2021, followed by Maharashtra and Tamil Nadu.
According to the report, the demand for procuring renewables in the open access market has increased every quarter. Many corporates are trying to meet their power demands through renewable energy sources.
At the Mercom India Solar Forum 2021, a virtual event to be held on October 21, there is an exclusive session on ‘Open Access Solar – an Ideal Solution to Reduce Carbon Footprint and Operating Costs for C&I Entities.’ The discussion will bring opinions from developers, consumers, facility owners, and new ideas and suggestions to make open access favorable to all. You can register here to attend the session.
Harsh is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.