Bengaluru-based contract research, development and manufacturing organization (CRDMO) Syngene International Ltd. will procure renewable energy from O2 Power from its 201.2 MW wind-solar hybrid power plant at Kudligi Taluk, Bellary District, Karnataka under a captive arrangement.

Accordingly, the company has entered into an amendment to the share subscription/purchase and shareholders’ agreement with O2 Renewable Energy II, a project-specific special purpose vehicle (SPV) for the purpose of acquisition of renewable power for INR 6.5 crore.

“To enhance the renewable-based power consumption, Syngene International Ltd. will acquire and maintain a minimum 26 percent stake in O2 throughout the term of the power purchase agreement to maintain the captive status as per the Electricity Act,” the company shared in a regulatory filing.

According to the Business Responsibility and Sustainability Report, a total of 85.67 million units were received by the company from renewable sources from previous years’ projects, avoiding 61258 MT CO2 emissions in FY24. It further added that the installation of 212 kW rooftop solar panels at MSEZ in FY24, generated renewable solar power of 1.4 lakh units per annum, avoiding 100 MT CO2 emissions. The company has set an ambitious target of increasing RE intake to 96 percent by 2028.

Syngene is a contract research, development and manufacturing organization (CRDMO) that provides integrated discovery, development, and manufacturing services to pharmaceutical, biotechnology, animal healthcare, consumer goods and agrochemical companies.