Ganeko Solar signs agreements for 28 MW hybrid project in Tamil Nadu

Ganeko Solar Private Limited (GSPL), a subsidiary of Zelestra Energy, has entered into several key agreements with Seshasayee Paper and Boards Limited (SPB) to set up a 28 MW/39 MWp wind-solar hybrid power project in Tamil Nadu. The agreements include a Share Purchase Agreement (SPA), Share Subscription and Shareholder’s Agreement (SSSHA), and a performance incentive agreement.

As part of the deal, SPB will invest Rs 165.6 million to acquire a 26.1% equity stake in the special purpose vehicle (SPV) responsible for the project.

The hybrid project will combine 22 MW/33 MWp of solar and 6 MW of wind capacity, providing captive power to SPB in Tamil Nadu.