Rajasthan-based textile manufacturer Nitin Spinners will procure 18 MW of power from Continuum Green Energy’s wind-solar hybrid projects.

The company has set up a special purpose vehicle (SPV), CGE II Hybrid Energy, to implement the projects in a captive mode.

Nitin Spinners has acquired 6.9% equity shares in Continuum Green Energy, equivalent to 17.13 million shares at a face value of ₹10 (~$0.113) per share, aggregating to ₹171 million (~$1.9 million).

The power from the wind-solar project will be supplied to Nitin Spinners’ manufacturing plants in Hamirgarh and Bhanwaria Kalan in Rajasthan.

The SPV has an authorized share capital of ₹3.25 billion (~$36.85 million) and a paid-up share capital of ₹2.45 billion (~$27.7 million) as of March 31, 2025.

Nitin Spinners manufactures yarns, finished and printed products, as well as knitted fabrics.

The company has installed 18.8 MW of rooftop solar projects at its manufacturing plants in Hamirgarh and Begun. In 2024, the company announced that it is also constructing another 4.65 MW of rooftop solar projects at Hamirgarh.

In the financial year (FY) 2025, the company consumed 107,482 GJ of renewable energy, up from 65,353 GJ consumed in FY 2024.

“To reduce our dependence on conventional power, we have steadily scaled our renewable energy footprint. With an installed solar capacity of 18.8 MW, a meaningful portion of our energy demands is now met by cleaner alternatives. These investments have helped us lower energy costs and reduce greenhouse gas emissions while supporting our transition towards cleaner operations,” Nitin Spinners said in its annual report 2024-25.

Businesses are increasingly switching to renewable energy sources to power their operations. It has become a strategic imperative, given the rising cost of grid power and the sustainability commitments of investors.

Speaking at Mercom India’s C&I Clean Energy Meet in Chennai, industry experts explained how wind-solar hybrid open access projects can meet 85-90% of the power requirements of large commercial and industrial consumers.

Mercom India has been hosting the Clean Energy Meets across various cities, bringing consumers, renewable energy service providers, and financial institutions on the same platform to help facilitate companies’ transition to clean power sources. The next event in the series will be held in Jaipur on September 19, 2025.