Hyderabad-based Aurobindo Pharma will procure solar power from Swarnaaskshu Solar Power under a captive arrangement. Accordingly, the company has entered into a power purchase agreement with Swarnaaskshu Solar Power, which is under incorporation.

Aurobindo Pharma will be acquiring up to 26 percent of the paid up equity share capital of Swarnaaskshu for an investment of about INR 10.40 crore, the company shared in a regulatory filing.

As per the agreement, Swarnaaskshu will be setting up of a solar power plant with the capacity of 30 MW AC (40 MW DC) in Telangana.

“Swarnaaskshu is under incorporation by the relatives of K. Nithyananda Reddy, Promoter and Vice Chairman and Managing Director of the Company in which Aurobindo Pharma Ltd. (Aurobindo) will be investing 26 percent. They have expertise in solar power generation for the last 7-8 years,” it said.

“Reducing carbon footprint through use of renewable energy and building resilient solutions that empower disadvantaged communities are some of our key priorities within the ESG framework. We have achieved a 16 percent reduction in carbon footprint with 14 percent share of renewable energy so far, against the 2025 targets of 12.5 percent and 20 percent respectively,” shared the company in its Business Responsibility and Sustainability Report.

In FY24, the company consumed total of 1,24,446 MWh renewable power which includes both self-generated and purchased solar power from its Joint venture/Associate companies. “We generated about 43,000 MWh solar power from our solar power plant near Pydibhimavaram, Vizag,” it said.

Additionally, shifting to biomass or briquette fuel in place of coal at some of its units, use of PNG and energy conservation initiatives every year at its manufacturing units has resulted in emission reduction about 2,37,455 ton CO2 emission.