GRP, a manufacturer of reclaimed rubber, polyamide, and engineered products from end-of-life materials, has entered into a power purchase agreement (PPA) with BECIS Solar 5 to procure power from an 8 MW captive solar power project in Gujarat.

GRP has also entered into a share subscription and shareholders’ agreement with BECIS and its promoter BE-Onsite Solar Energy to acquire 26.43% of BECIS Solar 5’s equity for a cash consideration of ₹26.4 million (~$298,046).

This deal will allow the company to procure renewable energy at a preferential tariff, thereby reducing its overall energy costs and enhancing sustainability across its Gujarat-based manufacturing operations. The company views this move as part of its commitment to environmentally responsible and cost-efficient energy sourcing.

The investment is expected to be completed within 120 days from the signing of the agreements. BECIS Solar 5 currently has no turnover, as it is still in the process of establishing the solar power project.

According to the filing, BECIS Solar 5 was incorporated on July 8, 2025, and is developing an 8 MW solar project within the distribution area of Dakshin Gujarat Vij Company.

GRP has clarified that this transaction does not fall under related-party dealings.

GRP generated 9.4 million units of renewable electricity during the financial year 2025, accounting for around 18% of its total electricity requirement. Renewable energy consumption for the year stood at 112,841 gigajoules.

In Maharashtra, the company operates three windmills with a combined capacity of 3.75 MW, which generated 5.1 million units of electricity and met 29% of the Solapur facility’s consumption.

A 600 kW windmill in Gujarat added another 700,000 units, contributing 6% of the Panoli facility’s energy needs. Beyond captive wind production, GRP has also begun sourcing wind energy through open access for its Ankleshwar plant, covering 15% of its electricity consumption and further strengthening the renewable mix.

Solar energy, too, features in GRP’s portfolio. A 1.6 MW rooftop solar installation at the SL02 and SL03 units generated 1.24 million units of clean electricity, accounting for 6% of overall consumption of the two facilities.

India added nearly 3.8 GW of solar open access capacity in the first half (1H) of 2025, an over 4% decrease from 3.9 GW installed in the same period of 2024, according to Mercom India’s Q2 2025 Solar Open Access Market Report.