Elin Electronics Limited to invest in SPV for captive solar power

The Board of Directors of Elin Electronics Limited have approved investment upto Rs. 140.00 Lacs for subscribing upto 13% equity shares without change in ceiling of Rs.140.00 lacs which was already approved in the board meeting held on 30.05.2023 to subscribe upto 7% equity shares of Sunsure Solarpark Ten Private Limited (SPV) for solar power captive consumption as required under the provisions of the Electricity Act, subject to applicable laws. The equity subscription has been changed due to revised equity and debt structure of Sunsure Solarpark Ten Private Limited ('SPV').

The objective of the investment is to reduce the power cost of Ghaziabad (U.P.) Plant, by way of shifting towards the solar power energy which is cost effective and environment friendly Thus, as per the Electricity Act. the Company, being captive user, needs to make investment in Sunsure.

Source : Equity Bulls

Keywords

ElinElectronics Investment SunsureSolarparkTen SPV CaptivePower INE050401020