Exide Industries has entered into a ‘Share Subscription and Shareholders’ Agreement’ (SSSA) and ‘Power Purchase Agreements’ (PPAs) dated 28 February 2023 with Ulric Renewables, a Special Purpose Vehicle promoted and incorporated by Cleantech Solar India OA 2 (CLEANTECH), for the establishment of captive wind power projects totaling 18.9 MW for the Company’s various manufacturing facilities.
According to the SSSA, the Company has agreed to invest in equity shares representing at least 26% of Ulric Renewables’ issued and paid-up capital.