Filatex India Ltd signs PPA to procure renewable energy

Textile manufacturing is energy intensive. The cost of energy from the grid has been increasing continuously.

To mitigate above impact, Filatex India Ltd, under Gujarat's Hybrid Wind-Solar Power Policy 2018, has signed PPA and SHA on 27th July, 2022 with FP Crysta Energy Pvt. Ltd. and FPEL Sunrise Pvt. Ltd. respectively, 100% subsidiaries of Fourth Partner Energy Pvt Ltd., to procure renewable energy from their hybrid wind-solar open access power project as a captive consumer.

The Company will be required to invest ^10.35 crores for a 26% stake in the project to attain captive status. The PPA will be valid for a period of 25 years.

The Company will source 10.8MW of Wind and 10.8MWp of Solar, totaling to estimated 50 million units of energy annually. This will result in savings of INR 10+ crores annually and reduce the carbon footprints of the company.

The project is scheduled for commissioning by 31st March 2023.

Shares of Filatex India Limited was last trading in BSE at Rs. 100.35 as compared to the previous close of Rs. 101.05. The total number of shares traded during the day was 11028 in over 598 trades.

The stock hit an intraday high of Rs. 105.05 and intraday low of 99.60. The net turnover during the day was Rs. 1121504.00.

Source : Equity Bulls

Keywords

FilatexIndia INE816B01027 PPA RenewableEnergy Procurement