A Chennai paper maker is buying into sunshine: Rs 16.56 crore (about $1.7 million) for 39 MW of wind and solar

Seshasayee Paper and Boards, a Chennai-based paper maker, is putting real money behind clean power: it will invest Rs 16.56 crore (about $1.7 million) for up to a 28.1% stake in Navia One Power, the project company set up by Ganeko Solar, an affiliate of Zelestra, to build a wind-solar hybrid plant in Tamil Nadu with about 33 MW of solar and 6 MW of wind capacity. The company already leans green — in 2023, its Erode unit drew 70% of its energy from renewables and biofuels, using nearly 48 lakh (4.8 million) gigajoules of green energy. It joins a growing line of Indian manufacturers buying directly into renewable projects to power their factories, rather than simply buying green certificates.

SDG 7 · Affordable and clean energy — Mechanism: funding & finance