MSP Steel & Power inks 25-year PPA for 10MW Solar Power with Elevate Solar
MSP Steel & Power has signed a 25-year Power Purchase Agreement with Elevate Solar for 10MW solar power at ₹3.17 per unit. MSPL will acquire a 26% stake in Elevate Solar. This aims to optimize energy costs and boost renewable energy usage.
The PPA for 10MW of solar power and the planned acquisition of a 26% stake in the generator are significant steps towards energy cost optimization and increasing renewable energy consumption, which can have a medium-term impact on operational costs and ESG profile.
The company has entered into a long-term agreement for renewable energy procurement and plans to acquire a significant stake in the solar power generator, indicating a positive step towards cost optimization and sustainability.
MSP Steel and Power Limited (MSPL) has executed a Power Purchase Agreement (PPA) with Elevate Solar Energy Private Limited for the procurement of solar power. The agreement is for a contracted quantity of 10MWp (DC) of electricity per annum at a tariff rate of ₹3.17 per unit.
This PPA is for a term of 25 years from the execution date and has been entered into under the Group Captive Open Access Permissions mechanism. The objective is to optimize energy costs and increase the company's renewable energy consumption.
Under the terms of the agreement, MSPL is set to acquire a 26% shareholding in Elevate Solar Energy Private Limited, corresponding to their contracted energy quantity. This acquisition will be subject to terms and conditions agreed upon in a future Shareholders’ Agreement. Elevate Solar is developing a 70 MWP (DC) / 50 MW (AC) solar power generation facility in Baloda Bazar District, Chhattisgarh, of which 10 MWP (DC) is earmarked for MSPL. The PPA also outlines significant terms including period of agreement, commissioning date, conditions precedent and subsequent, tariff, billing and payment procedures, obligations of both parties, force majeure, events of default and termination, dispute resolution, and warranties.
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MSP Steel & Power Limited filed this with the NSE as a statutory disclosure, categorised under strategic partnerships. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by MSP Steel & Power Limited. Read the original for the full detail.