Lupin, an Indian pharmaceutical firm, and independent power producer Sunsure Energy have announced a new 21 MW (31.5 MWp) open-access solar power purchase agreement (PPA), which is capped at ₹105.53 million (~$1.2 million) and will be executed in two phases.

Under this agreement, Lupin will acquire up to 42.61% of the equity in Sunsure Solarpark Seventeen, a subsidiary of Sunsure that will provide solar power to Lupin’s Tarapur facility in India, drawing from its 100 MW (150 MWp) solar project in Solapur.

The move aligns with Lupin’s strategy to source renewable energy through open access and the investment is part of Lupin’s broader sustainability goals, including achieving decarbonization targets.

Sunsure Solarpark Seventeen is a renewable energy company focused on aiding corporations in transitioning to renewable energy sources, particularly achieving RE100 targets.

The company is in the process of establishing a solar power plant. Sunsure Solarpark, incorporated on December 7, 2023, and based in Gurugram, Haryana, reported no revenue for the fiscal year ending March 31, 2024.

By investing in Sunsure Solarpark, Lupin aims to leverage renewable energy for its operations, thus contributing to environmental conservation and reducing its operational carbon footprint.

The transaction will be completed within six months.

The investment will be made through a cash consideration, with no governmental or regulatory approvals required for the acquisition.

Recently,  Sunsure Energy secured ₹2.26 billion (~$26.92 million) in long-term debt financing from Tata Capital to bolster its portfolio of solar open access projects in Uttar Pradesh, with a total operational capacity of 75 MW.

At Mercom India’s recent C&I Clean Energy Meet in Coimbatore, Santhosh T, Senior Manager-BD, Sunsure, highlighted three key aspects that C&I consumers must consider before opting for solar open access: regulatory alignment, business needs, and a streamlined process facilitated by a renewable energy developer.

Mercom India C&I Clean Energy Meet event will be held in Pune on September 20, 2024. You can register here.

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