Meghmani Finechem Limited (MFL) has entered into agreements with Renew Green Energy Solutions for setting up a wind-solar hybrid power project.
MFL has executed an energy subscription agreement and share subscription and shareholder agreement with Renew Green Energy Solutions for setting up an 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 205.4 million and ReNew Green Energy Solutions will contribute Rs 584.6 million for a 74 per cent stake. This hybrid power plant is expected to be commissioned in third quarter of 2022-23. The power generated from the plant will be supplied exclusively to MFL under the captive status for a period of 25 years.