Filatex India Inks Pact To Source Power From Wind-Solar Hybrid Project

Company Performance

Filatex India Inks Pact To Source Power From Wind-Solar Hybrid Project

Filatex India, a polyester filament yarn manufacturer, has entered into agreements with 100% subsidiaries of distributed solar company Fourth Partner Energy to procure renewable energy from the latter’s hybrid wind solar open access power project as a captive consumer. Filatex signed a power purchase agreement (PPA) and a shareholders agreement with FB Crysta Energy and FPEL Sunrise. The project developed under Gujarat’s Hybrid Wind-Solar Power Policy 2018 is scheduled for commissioning by March 2023. The yarn producer said that textile manufacturing is an energy–intensive industry. It aims to reduce the cost of energy required for textile manufacturing through the agreements. Filatex will invest Rs 103 million for a 26% stake in the project to attain the captive status. The PPA will be valid for 25 years. The company will source 10.8 MW of wind and 10.8 MW of soalr energy from the hybrid project, totalling about 50 million units of energy. It targets savings of Rs 100 million annually. Filatex aims to mitigate its carbon emissions from operations through the project. Filatex India has opted for renewable energy in the past as well. In January 2021, it started the commercial operation of its captive rooftop solar power projects at Dahej and Dadra. The project at Dahej was rated at 1 MW, and the Dadra project 400 KW.