Banganga Paper Industries subsidiary, Banganga Paper Mills, has inked a power purchase agreement (PPA) with Livint Green Technologies for solar power procurement under a captive power generation model.

Under the agreement, Livint Green Technologies will develop, own, and operate a 2.5 MW DC ground-mounted solar power plant in Karjat Village, Ahmednagar district, Maharashtra. 

This plant will supply clean energy to Banganga Paper Mills' Nashik facility, ensuring cost-effective and reliable renewable energy.

To comply with captive power regulations, Banganga Paper Mills will hold a 26 percent equity stake in the power-producing entity, while Livint Green Technologies retains 74 percent. 

Through a Wheeling and Banking Agreement, any excess power generated will be stored with the state’s power distribution company for future use, allowing the company to leverage carbon credits.

Banganga Paper Mills operates a 10,000+ sq. mtrs. facility in Dindori, Nashik, with an installed production capacity of over 100 tpd. The use of renewable energy will reduce carbon emissions, aligning with global sustainability goals.