Tembo Global Announces the Acquisition of a 124 MW Solar Power Purchase Agreement
Tembo Global Industries Ltd, a provider of engineering mechanics and project execution solutions, has ventured into the renewable energy sector and announced this week that it has obtained its first power purchase agreement (PPA) for a 124 MW solar power project with the Maharashtra state government. The PPA will last for 25 years.
“This agreement, signed with Maharashtra State Electricity Distribution Co. Ltd., marks a significant step in the company’s commitment to sustainable energy solutions and involves a total project cost of approximately INR 595 crore”, stated Tembo Global.
The project is part of the Mukhyamantri Saur Krushi Vahini Yojana 2.0 an initiative aimed at implementing feeder-level solarization under Component C of the PM-KUSUM Scheme. It is scheduled for completion within the next 18 months. Tembo Global provides engineering mechanics and project execution solutions across various sectors (including oil and gas, chemicals, and construction). Tembo Global aims to leverage its extensive experience in project execution to ensure timely delivery and operational excellence as it forays into the renewable energy sector.
Sanjay Patel, managing director of Tembo Global Industries Ltd, stated, “This agreement is a pivotal moment for Tembo Global as we embark on our journey into the renewable energy sector. We are committed to contributing to India’s sustainable development goals while providing innovative solutions that benefit both our clients and the environment. We believe that this project will not only enhance our capabilities but also set a precedent for future endeavors in the renewable energy landscape”.