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Everest Industries to Source 5.5 MWp Solar Power from Amplus Under Group Captive Model

Everest Industries has announced it will procure 5.5 MWp of solar power from Amplus Solar (a Gentari company) under a group captive policy, drawing from Amplus' 54.94 MWp solar plant. To facilitate this, Everest’s board has approved an INR 1.76 crore investment in Amplus Ampere, an SPV of Amplus Solar, by acquiring 17.6 lakh equity shares at INR 10 each.

This strategic move aims to enhance the company’s use of renewable energy in Maharashtra through captive open access. In FY 2023-24, Everest Industries sourced approximately 44.88% of its total electricity consumption from renewable sources. It has also installed 2,800 kW of rooftop solar capacity across facilities, including a 700 KWp plant at Narmada Works (Gujarat), a 1100 KWp plant at Lakhmapur Works (Maharashtra), and a newly commissioned 500 KWp plant at Somnathpur Works (Odisha).

This aligns with the company’s broader commitment to reducing carbon footprint, as highlighted in its FY 2023-24 annual report. The move follows similar partnerships by companies like Uno Minda, Uflex Ltd., and Covestro (India), all of whom have tied up with Amplus Solar to meet their captive power requirements and sustainability goals under open access models.