Havells India has announced a partnership with Kundan Green Energy to develop a 15 MW AC solar project in Rajasthan for captive power consumption. The project will be implemented through Kundan Solar (Pali), a special purpose vehicle (SPV) created to develop, install, operate, and maintain solar power plants.
The Havells board has approved the acquisition of a 26% stake in Kundan Solar (Pali). [Under Indian electricity regulations, a minimum 26% equity stake is required for an entity to qualify as a captive consumer of a power project.]
Havells plans to sign a 25-year power purchase agreement (PPA) with the SPV. The company expects the arrangement to reduce electricity costs at its Rajasthan manufacturing facilities, with an estimated payback period of 12–18 months from the plant’s commissioning. The plant is set for commissioning by Q2 FY 2026-27.
The total project investment of INR 72.5 crore will be infused in phases, tied to major development milestones. The project is scheduled for completion by May 31, 2026.
As the lead developer, Kundan Green Energy will manage the entire lifecycle of the project, including regulatory approvals, on-ground execution, and operations and maintenance.
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