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PRNewswire
Hyderabad (Telangana) [India], September 24: In a landmark leap into renewable energy, Nava Limited today announced the commissioning of 100 MW solar power plant by its step-down subsidiary, Maamba Solar Energy Limited (MSEL), Zambia, marking a defining milestone in the group journey into renewables. Power evacuation from the plant to the Zambian grid has commenced. 20-Year Power Purchase Agreement MSEL has a 20-year Power Purchase Agreement (PPA) with ZESCO Limited, Zambia's national power utility, for the entire power generated by the 100 MW solar power plant. Strategic Significance This commissioning represents a strategic milestone for the group's formal entry into utility-scale renewable energy and broadening its business portfolio beyond its traditional core sectors. It reflects a deliberate diversification strategy, positioning it to participate in the global shift toward clean energy, building a scalable platform for future renewable ventures across geographies. Speaking of the milestone Mr. Ashwin Devineni, MD & CEO of Nava Limited, said, "The commissioning of our 100MW solar project in Zambia marks a defining step in Nava's journey into renewable energy." "This milestone reflects our commitment to sustainable growth and reinforces our vision of building a diversified, future-ready energy portfolio across geographies," he added. About MSEL MSEL is a Zambia-based renewable energy company and a step-down subsidiary of Nava Limited, held through Nava Global, the Company's international arm. MSEL's shareholding is held 65% by Nava Global and 35% by ZCCM Investments Holdings PLC (ZCCM-IH), a Zambian investment holding company. About Nava Limited Nava Limited is a diversified Indian conglomerate with interests across power generation, mining, ferro alloys, and renewable energy. Through its international arm, Nava Global, the Company has been expanding its renewable energy footprint in Africa.www.navalimited.com Media Contact for Nava Limited:Lisa Rufus G.Phone: +91 91542 40656Email: lisa.r@navalimited.com This document may contain forward-looking statements based on management's beliefs, opinions and expectations as of the date of this release. Actual results may vary due to risks and uncertainties, and the Company does not assume any obligation to update such statements in response to future developments. Please refer to official disclosures for the most accurate and up-to-date information. (ADVERTORIAL DISCLAIMER: The above press release has been provided by PRNewswire. ANI will not be responsible in any way for the content of the same.)
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