India’s Sunflag Iron and Steel Limited has inked a pact with Sunsure Energy’s special purpose vehicle Sunsure Solarpark Thirty Seven to procure 11 megawatts (MW) of solar power, a company statement said on Friday, April 25.
The two companies have entered into a long-term purchase agreement, which will enable Sunflag to source solar power from the under-construction project in captive mode for 25 years.
Under the agreement, Sunflag will invest INR 57.25 million ($0.67 million) to acquire and maintain 25 percent equity stake in the special purpose vehicle.
Sunsure Solarpark Thirty Seven, the special purpose vehicle of Sunsure Energy, develops, constructs, operates, and maintains power projects across the country.
As part of environmental, social and governance (ESG) goals, Sunflag has been entering into renewable energy sourcing agreements to meet power needs and reduce its carbon footprint, the statement said.
Earlier, the integrated steel producer had entered into an agreement with three special-purpose vehicles of Renew Power Limited to source 71.34 MW of solar power for 15 years, with provisions of extending the period to 25 years, the statement added.
