New Delhi, May 28: Meghmani Finechem Ltd (MFL) on Saturday said it has inked pacts with Renew Green Energy Solutions for setting up a wind-solar hybrid power project in Gujarat.
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, a company statement said.
MFL is a leading manufacturer of Chlor-Alkali and its value- added derivatives.
It has executed an Energy Subscription Agreement and Share Subscription and Shareholder Agreement (SSSHA) with Renew Green for setting up a 18.34 MW wind-solar hybrid power plant in Gujarat under a Special Purpose Vehicle (SPV)
MFL will hold 26 per cent stake in the SPV for a contribution of Rs 20.54 crore and Renew Green will contribute Rs 58.46 crore for a 74 per cent stake.
This hybrid power plant is expected to be commissioned in December quarter of 2022-23. As per the terms of the agreements, the power generated from the plant will be supplied exclusively to MFL under the captive status for a tenure of 25 years.
This hybrid power plant will help MFL meet the energy requirement of its existing as well as future projects. The cost per unit of electricity through this plant will be lower than the power procured from the electricity grid, it stated.
Maulik Patel, Chairman and Managing Director – MFL said,” The hybrid power plant will help us to meet our additional electricity demand and will also allow us to produce green hydrogen, supporting Government of India’s initiative of Green Energy and Green Hydrogen.”
MFL was incorporated in 2007. (PTI)
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