Privi Speciality Chemicals has invested Rs. 1.77 crore in a solar power project as the company accelerates its shift toward renewable energy across its operations.

The company subscribed to 47,103 equity shares at Rs. 377 per share in Radiance MH Sunrise Eleven Private Limited, completing the cash transaction on March 9, 2026.

The investment is tied to a Power Purchase Agreement (PPA) and a Share Subscription and Shareholders Agreement (SSSHA) that allows Privi to participate directly in the renewable energy project. Radiance MH Sunrise Eleven serves as a Special Purpose Vehicle (SPV) tasked with developing and operating the solar facility.

The SPV is currently building a ground-mounted, grid-connected solar power plant with a planned installed capacity of 16.60 MW.

Through the equity structure, Privi will qualify as a captive user under the Electricity Act, 2003, enabling the company to source renewable power directly from the project for its industrial operations.

The move is expected to increase the company’s share of clean energy consumption while reducing reliance on conventional fuels such as coal and natural gas.

Privi also expects the solar sourcing arrangement to lower long-term power costs, while supporting its broader sustainability agenda and transition toward environmentally responsible energy solutions.