Gujarat Alkalies and Chemicals Limited (GACL) will procure 62.7 MW of renewable power through a captive arrangement from Aditya Birla Renewables’ wind-solar hybrid project in Gujarat, expected to be completed next year.
GACL and Aditya Birla Renewables, along with its special purpose vehicle (SPV), Aditya Birla Renewables SPV 4, have signed a shareholder’s agreement to establish the captive power project. A 25-year power consumption agreement has also been executed between the two entities. GACL will acquire 26 per cent equity in Aditya Birla Renewables SPV 4 at a face value of Rs 10 per share.