Prism Johnson has awarded LOIs (Letter of Intent) for development of Captive Solar Power Projects via Special Purpose Vehicles ('SPVs) at its manufacturing facilities located at Satna (Madhya Pradesh), Dewas (Madhya Pradesh), Pen (Maharashtra), Kunigal (Karnataka) and Karaikal (Puducherry) with an aggregate capacity of 22 MW.
These captive solar power projects are likely to be commissioned in next six to eight months' timeframe.
The Company shall invest approximately Rs 8 crore in Captive Solar Power Projects towards acquiring the equity shareholding of 26% in the relevant SPV.
This initiative would result in operational cost savings. It would also help the Company fulfil its Renewable Power Obligations (RPO).
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