MSP Steel and Power Limited has signed a long-term Power Purchase Agreement (PPA) with Elevate Solar Energy Private Limited to procure solar power under the Group Captive Open Access mechanism. The agreement was executed on June 18, 2026, and will remain in force for 25 years.
Under the agreement, Elevate Solar Energy will supply a contracted quantity of 10 MWp (DC) of electricity per annum to MSP Steel at a fixed tariff of Rs 3.17 per unit.
Solar power procurement
The power will be sourced from a solar project being developed by Elevate Solar Energy in Baloda Bazar district of Chhattisgarh. The project will have a total installed capacity of 70 MWp (DC) / 50 MW (AC).
The long-term arrangement is aimed at increasing MSP Steel’s renewable energy consumption while providing greater certainty over electricity costs. For energy-intensive industries such as steel manufacturing, power costs constitute a significant component of operating expenditure, making long-term renewable energy procurement an increasingly attractive option.
Group captive structure
The agreement has been structured under the Group Captive model. As part of the arrangement, MSP Steel intends to acquire a 26% equity stake in Elevate Solar Energy corresponding to its contracted energy requirement. The proposed shareholding will be formalised through a Shareholders’ Agreement to be executed separately.
Under the arrangement, MSP Steel will have rights including the appointment of directors, first right to subscribe to future share issuances and the ability to restrict changes to the capital structure of Elevate Solar Energy.
The group captive model enables consumers to procure power through open access while meeting captive consumption requirements under electricity regulations.
The company said the agreement is intended to optimise energy costs and increase its share of renewable energy consumption. The move aligns with the broader trend of industrial consumers adopting renewable energy to reduce exposure to grid power price fluctuations and support decarbonisation objectives.
The featured photograph is for representation only.
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