To set up wind-solar hybrid power project
Meghmani Finechem announced that it has entered into agreements with Renew Green Energy Solutions for setting up a wind-solar hybrid power project. The collaboration marks the entry of MFL into the renewable energy space and highlights its unwavering commitment towards promoting green energy and reducing carbon footprint.Meghmani Finechem has executed an Energy Subscription Agreement (ESA) and Share Subscription and Shareholder Agreement (SSSHA) for putting up an 18.34 MW wind-solar hybrid power plant in Gujarat under a Special Purpose Vehicle (SPV) with Renew Green Energy Solutions.
MFL will hold 26% stake in the SPV for a contribution of Rs 20.54 crore and ReNew Green Energy Solutions will contribute Rs. 58.46 crore for a 74% stake.
This hybrid power plant is expected to be commissioned in Q3FY23. As per the terms of the agreement, the power generated from the plant will be supplied exclusively to MFL under the captive status for tenure of 25 years.
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