Havells to take 26 per cent stake in Kundan Solar SPV

Havells India has approved the purchase of a 26 per cent stake in Kundan Solar Pali, a special purpose vehicle set up to develop, install, operate, manage, and maintain a solar power plant. The company said the move is part of its strategy to lower its reliance on fossil fuel and expand its use of green energy.

Kundan Solar will build a 15 MWac plant, and Havells plans to sign a long term power purchase agreement of up to 25 years. Electricity rules require Havells to hold at least 26 per cent in the SPV to be treated as a captive consumer.

The company expects lower power costs at its Rajasthan facilities and a payback window of about 12 to 18 months after the project is commissioned. Havells already supplies inverters, modules, solar cables, and DC switchgear to the solar market, mostly for residential rooftop and commercial and industrial users. With domestic demand for modules rising, the company has been assessing options to build manufacturing capacity or form partnerships.