Kundan Green, Havells Team Up for ₹72.5 Crore Captive Solar Project in Rajasthan

New Delhi-based Kundan Solar (Pali), a Kundan Green Energy vertical, has expanded its renewable footprint by offering a 26% stake to Havells India to develop a 21.43/15 MW captive solar project in Rajasthan.

In a press release, while sharing these details, the company said it would be making a total Investment of ₹72.5 crore for the project development that will be infused in phases linked to key development milestones and is expected to be fully completed by 31st May 2026.

The project is housed under a Special Purpose Vehicle (SPV) named Kundan Solar (Pali) Pvt. Ltd., under the guidance of its parent company, Kundan Green Energy, that would handle the design, development, installation, and long-term operation of the upcoming 21.43 /15 MW solar plant.

Kundan Green Energy, a renewable energy developer, currently has an operational portfolio exceeding 125 MW. It has established its presence across several states, including Himachal Pradesh, Gujarat, Tamil Nadu, Sikkim, Karnataka, and Uttarakhand.

The C&I segment has emerged as a key driver of solar uptake in the past two years, with the government expecting 80 GW of renewable capacity additions under this category.  Rajasthan has also moved to offer a transparent status of transmission availability to enable forms to plan captive RE projects better, after the experience of many firms that suffered due to transmission bottlenecks.