Lloyds Metals has entered into a share subscription and shareholders agreement (SSSHA) with Hexa Energy MH3 Private Limited and Hexa Climate Solutions to secure renewable energy for its operations in Maharashtra.
The agreement covers the development of a 28.2 MW renewable energy project, comprising 8.4 MW of wind and 19.8 MWac (27.72 MWp) of solar capacity. As part of the arrangement, Lloyds Metals will acquire at least a 26 per cent equity stake in Hexa Energy MH3 for the wind component and in Hexa Energy W2 Private Limited for the solar component, under the group captive scheme. The company’s board has also approved corporate guarantees of up to USD30 million on behalf of its step-down subsidiaries to facilitate credit access for the projects.