Hero MotoCorp, Aurobindo Pharma to invest in captive solar power projects

The Board of Directors of Hero MotoCorp Limited has approved an agreement with CleanMax Enviro Energy Solutions Private Limited to set up a solar power project. 

A special purpose vehicle (SPV) will be formed for the project, with Hero MotoCorp investing Rs 51.5 million for a 26 per cent equity stake. The power generated will be supplied to Hero’s plants in Dharuhera and Gurugram under the group captive mechanism.

Similarly, Aurobindo Pharma Limited’s Board has approved a power purchase agreement (PPA) with its SPV, Swarnaaskshu Solar Power Private Limited, for a 30 MW/40 MWp captive solar power project in Telangana. Aurobindo Pharma will invest Rs 104 million for a 26 per cent stake in the SPV.