Prism Johnson Ltd (formerly Prism Cement) has informed the Bombay Stock Exchange that it has receved letter of intents (LOIs) for development of captive solar power proojects.
These projects will be developed via special purpose vehicles 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.
According to the company, these captive solar power projects are likely to be commissioned in next six to eight months’ timeframe.
“The company shall invest approximately Rs eight crore in captive solar power projects towards acquiring the equity shareholding of 26 per cent in the relevant SPV,” it added.
Prism Johson further said the initiative would result in organisational cost savings and would also help the company fulfil its renewable power obligations.
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