Meghmani Organics Limited has signed an agreement with Pro-Zeal Green Power Fifteen Private Limited, a special purpose vehicle of Prozeal Green Power Private Limited, for the procurement of 3.3 MW of contracted capacity from a wind–solar hybrid power project in Gujarat.
Under the agreement, Meghmani Organics will acquire a minimum 26 per cent equity stake in the hybrid project through an investment of about Rs 40 million. The investment will be structured through a combination of equity share capital and compulsory convertible debentures.