Silgo Retail's Subsidiaries Secure 37 MW Solar PPA with MSEDCL
Silgo Retail's subsidiaries, Terraverde and Bluesky Renewables, signed PPAs with MSEDCL for 37 MW solar projects in Maharashtra. The projects will supply power at ₹3.09/kWh for 25 years and are eligible for ₹33.52 crore in subsidies.
The acquisition of solar projects with a total capacity of 37 MW and securing PPAs is a significant step for Silgo Retail's renewable energy business. The subsidy amount of ₹33.52 crore also adds to the financial impact, justifying a medium impact.
The announcement details the execution of Power Purchase Agreements for new solar projects, which is a positive development for the company's expansion in the renewable energy sector and is expected to enhance long-term viability and returns.
Silgo Retail Limited announced that its subsidiaries, Terraverde Renewables Private Limited and Bluesky Renewables Private Limited, have executed Power Purchase Agreements (PPAs) with Maharashtra State Electricity Distribution Company Limited (MSEDCL).
The PPAs are for the development of solar power projects with an aggregate contracted capacity of 37 MW (AC), distributed across six sites in Maharashtra, including Chandrapur, Gadchiroli, Akola, and Amravati. Bluesky Renewables Private Limited will develop 19 MW (AC), and Terraverde Renewables Private Limited will develop 18 MW (AC).
The power generated from these projects will be supplied to MSEDCL at a fixed tariff of ₹3.09 per kWh for a period of 25 years, commencing from the PPA execution date of April 16, 2025. The projects are also eligible for subsidy support of approximately ₹90.60 lakh per MW (AC), totaling approximately ₹33.52 crore, which is expected to enhance their long-term viability and returns.
This development strengthens Silgo Retail's presence in the renewable energy sector and aligns with its strategy of creating long-term value through sustainable and clean energy initiatives. The acquisition of the Target Companies, which is moving towards Silgo Retail becoming a wholly-owned subsidiary, is a key part of this expansion.
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Silgo Retail Limited filed this with the NSE as a statutory disclosure, categorised under new orders. 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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