ERO Power has entered into an agreement with SEZ Bio-tech Services Pvt Ltd, a Cyrus Poonawala Group company, with respect to power distribution operations at the group’s SEZs located in Pune.
As per the agreement, ERO Power has been appointed as power distribution operator for a period of twenty years for SEZ Bio-tech Services Pvt Ltd’s special economic zones at Hadapsar and Manjari, located in the Pune region of Maharashtra.
ERO Power will be currently handling a portfolio of around 40 MW in these SEZs and this is expected to grow to 75 MW in the near future. The SEZs at Hadapsar and Manjari are bio-technology in nature and are having renowned companies such as Serum Institute. This SEZ is a crucial hub for global vaccine production, contributing over 1.5 billion doses annually.
Enhancing competitiveness
“This partnership marks a significant innovation in power distribution within special economic zones (SEZs). ERO Power’s role as a power distribution operator is a pioneering move, aiming to reduce power costs for clients within the SEZ, thereby enhancing their competitiveness,” according to Vandana Yermalkar, CEO of ERO Power.
Favourable business environment
This strategic partnership is expected to significantly enhance industrial competitiveness and retention in Maharashtra. By lowering power costs and ensuring a reliable power supply, ERO Power is poised to build a more favourable business environment for companies operating in SEZs, a release by ERO Power said, nothing that key officials of ERO Power including Nisar Shaikh (Head-Technical), Jaikumar Dakhane (Head-Legal) and Ms Prajkta Aphale (Sr. Executive-Legal) have taken tremendous efforts to realize this agreement.
Win-win situation
According to Kedar Gokhale, Executive Director, Cyrus Poonawala Group, “This is a win-win situation for all stakeholders. One of our initiatives has always been to help the manufacturing facilities inside SEZ to reduce their running costs. Both Hadapsar and Manjari SEZ shall have an added advantage as compared to others biotechnology SEZs regarding their expenses on power now. We are incredibly happy about the services & power domain knowledge of the officials of ERO Power. I am sure they will run the business in very efficient way.”
PPA between Mahagenco & SEZ Bio-tech
State power generation utility Mahagenco (Maharashtra State Power Generation Company Ltd) had emerged as the lower bidder in the competitive bidding process that was carried out earlier this year carried out by ERO Power.
Subsequently, a power purchase agreement (PPA) was signed by Mahagenco with SEZ Bio-Tech, making this arrangement unique in nature as Mahagenco has partnered with a company other than state discom MSEDCL for the first time, the ERO Power release said.
ERO Power portfolio
With this deal now, ERO Power shall be operating five SEZs as power distribution licensees within the state of Maharashtra which includes EON SEZ Phase-I & Phase-II, Hinjewadi Phase III, and now the Hadapsar and Manjari SEZs of Cyrus Poonawala Group.
ERO Power is a privately-owned and managed power distribution company that was established in Mumbai. ERO Power works with SEZs and power generation companies to provide cost-effective power supply to SEZs, commercial hubs, business centers, IT Parks, data centers, and more. ERO Power has now crossed 100 MW of power distribution portfolio and also has 1,500+ MW of data center projects under design and project management. ERO Power also has plans to expand its commercial operations to Madhya Pradesh, Tamil Nadu, and Gujarat.
Featured photograph shows the ERO Power team at the “go live” event of SEZ Bio-tech Services Pvt Ltd’s Hadapsar and Manjari SEZs.
