Hero MotoCorp, Aurobindo Pharma to invest in captive solar power projects
Author: PPD Team Date: February 11, 2025
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.