Havells to Buy 26% Stake in Solar SPV for Long-term Captive Power

02 Dec 2025 CW Team

Havells India has approved the acquisition of a 26 per cent stake in Kundan Solar (Pali), a Special Purpose Vehicle (SPV) formed to develop, install, operate and maintain a solar power plant. The investment is aimed at strengthening the company’s transition toward green energy while reducing reliance on fossil fuel–based power.

Kundan Solar will develop a 15 MWac solar power plant, for which Havells plans to enter into a long-term Power Purchase Agreement (PPA) of up to 25 years. As per existing electricity regulations, a minimum 26 per cent shareholding is required to qualify as a captive consumer, prompting the company’s decision to acquire the mandated stake.

The arrangement is expected to help Havells reduce energy costs at its facilities in Rajasthan. The company projects a payback period of approximately 12 to 18 months from the plant’s commissioning, driven by lower tariffs under the captive model and long-term power cost stability.

The move aligns with Havells’ broader sustainability roadmap, which focuses on increasing the share of renewable energy in its operations and reducing its carbon footprint. By partnering with an SPV dedicated to solar development, the company aims to secure reliable, clean energy supply while also mitigating exposure to fluctuating grid tariffs and conventional power costs.

Industry analysts note that more corporations are increasingly adopting captive renewable energy structures to manage energy expenses and meet sustainability commitments. Havells’ investment in the Kundan Solar SPV underscores this growing trend and highlights the company’s intention to integrate long-term green energy solutions across its manufacturing ecosystem.

News source: Business Standard

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