Incorporated last year in August, First Energy 8 Pvt Ltd is a renewable energy startup company which is developing a wind power plant with a capacity of 47.4 MW in Tamil Nadu.
The time period for completion of the acquisition via cash consideration is Jan. 31.
The BusinessLine report said that, MRF, the largest manufacturer of tyres in India, has entered into a power purchase agreement with First Energy 8 for the purchase of wind power under the captive power policy.
As per the captive power policy, a captive users are required to own at least 26% in the captive generating plant. If the captive generating plant is established by an affiliate company, the captive user must hold no less than 51% of the ownership in that affiliate company.
In May 2023, MRF inked an agreement with First Energy 4 Pvt Ltd to purchase solar power, and at that time the renewable energy company was in the process of building a ground-mounted, grid solar electric generating facility at Ottapidaram, Tuticorin district in Tamil Nadu with a total installed capacity of 38.2 MW.
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