MRF enters into power purchase agreement with First Energy

May 16, 2023 08:17 pm | Updated 08:17 pm IST - CHENNAI

MRF Ltd. has entered into a power purchase agreement with First Energy 4 Pvt. Ltd. in order to enhance its source of renewable power supply.

MRF has decided to acquire and maintain an equity stake of up to 19.10% in First Energy 4 Pvt. Ltd. for a cash consideration of ₹13 crore. The transaction is expected to be completed by June, it said in a regulatory filing.

First Energy is engaged in the business of development, construction, operating and maintaining renewable energy-based power plants in India. It is in the process of developing/constructing a ground-mounted, grid solar electric-generating facility in Tuticorin district for solar power with a total installed AC capacity of 38.2 MW.

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