Bengaluru-based pharmaceutical company Strides Pharma Science has announced an investment of ₹16.1 million (~$191,495) to acquire a 2.48% stake in AMPIN Energy C&I One on a fully diluted basis to set up captive solar power projects in Tamil Nadu.

This investment will help Strides procure solar energy from AMPIN C&I’s Alathur facility in Chennai.

AMPIN C&I is a special purpose entity formed to set up captive solar power projects in Tamil Nadu and is a group entity of AMPIN C&I Power.

The transaction is expected to be completed in the fourth quarter of the financial year 2025.

In its Sustainability Report 2023-24, Strides said that 44% of its energy needs were met with renewable sources (solar and wind). The company’s total energy consumption was 53,376,023 kWh, out of which 23,311,838 kWh was from renewable sources. It generates 2 MW of renewable energy on-site at its facilities, including rooftop solar installations.

AMPIN Energy Transition, an integrated renewable energy producer, provides renewable energy transition solutions to the commercial and industrial (C&I) sector. Its renewable energy portfolio spans over 2.7 GW across 17 states in India.

In 2023, the company won the Kolkata-based power utility company CESC’s auction to develop 150 MW of interstate transmission system-connected wind-solar hybrid projects. Amp quoted a tariff of ₹3.07 (~$0.037)/kWh to emerge as the winner.

The pharmaceutical industry is among sectors that are power-intensive, prompting many companies to cut down their reliance on conventional power sources. Many big companies have already set targets for increasing their share of renewable energy to power their operations and reduce carbon emissions.

Recently, another pharma company  JB Pharma said it sourced 12.1% of its energy needs from renewable sources in 2023-24. The company said it had expanded its renewable energy use by sourcing power from solar and wind and installing rooftop solar systems. JB Pharma also partnered with power trading solutions provider PTC India to secure a medium-term agreement for renewable hybrid power supply.

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