Havells India has announced that it will procure power from Kundan Solar’s 15 MW project in Rajasthan.

Havells has acquired a 26% stake in Kundan Solar, a subsidiary of Kudan Green Energy, for ₹56.3 million (~$630,053) to procure power under a captive arrangement.

The project’s payback period has been estimated at 12-18 months from commissioning.

Havells and Kundan Solar will enter into a 25-year power purchase agreement.

The company has planned investment in multiple tranches, and the acquisition is expected to be completed by June 30, 2026.

The project is expected to be commissioned by the second quarter of the financial year (FY) 2026-27.

In FY 2025, Havells installed 4.4 MW solar projects, raising its total solar capacity to 15.6 MW. The company has generated 65,000 MWh of solar energy to date.

In October 2025, Havells was among the investors who infused ₹14.22 billion (~$161.07 million) in growth capital into solar module manufacturer Goldi Solar.

In April, Havells had announced it would invest ₹6 billion (~$69.9 million) for an equity stake of between 8.9% and 9.24% in solar Goldi Solar.

According to Mercom’s India Solar Market Leaderboard 1H 2024, Havells was one of the top rooftop solar installers in India during the first half of the calendar year 2024. The company accounted for 5.2% of rooftop solar capacity additions in 1H 2024. As of June 2024, its cumulative installed rooftop solar capacity was 203 MW.

Kundan Green has installed more than 115 MW of renewable energy projects. Its offerings include services for solar, hydro, and waste-to-energy projects.

In April this year, Kundan Green Energy, a Kundan Group company, acquired a waste-to-energy project from Jabalpur MSW with an installed capacity of 11.5 MW. Kundan Green invested nearly ₹650 million (~$7.5 million) in the project.