Engineering company Carborundum Universal (CUMI) has invested ?80 million (~$954,426) to acquire a 4.19% stake in New Delhi-based Grian Energy (GEPL), which is developing a renewable energy project. This investment enables Carborundum to access a contracted capacity of approximately 10 MW in GEPL's captive power project, supported by a power purchase agreement.

GEPL plans to develop and operate a solar and wind-based captive power project to supply electricity tailored to Carborundum's energy requirements. The acquisition is projected to be finalized by March 2025, following a share subscription and shareholders' agreement with GEPL and its parent company, Amplus Energy Solutions.

As a Murugappa Group company, Carborundum specializes in manufacturing abrasives, ceramics, refractories, aluminum oxide grains, machine tools, polymers, adhesives, and electro minerals. This investment aligns with the company's sustainability objectives, especially given its energy-intensive manufacturing processes. By sourcing clean energy, Carborundum aims to reduce its carbon footprint.

In its 2023 annual report, the company noted that it has commissioned about 1.5 MW of solar systems across its units. Additionally, it has initiated a project in collaboration with a solar power producer to install a 1.8 MVA solar project at its Edappally campus.

Across India, numerous companies in the commercial and industrial (C&I) segment are increasingly adopting captive, open access, and rooftop solar solutions to cut power costs while also striving to achieve their net-zero targets. Insights on corporate renewable energy adoption were shared at the Mercom Indian Renewables Summit 2024, highlighting the market's current state and challenges.

Mercom India is also organizing a series of C&I Clean Energy Meets to facilitate discussions among clean energy developers, C&I representatives, and banks regarding power requirements, cost benefits, and challenges. The next event in this series will be held in Pune on September 20, 2024.