Meghmani Finechem Commissions 18.34 MW Hybrid RE Plant Through SPV ReNew Green

Meghmani Finechem Commissions 18.34 MW Hybrid RE Plant Through SPV ReNew Green

Meghmani Finechem Limited (MFL), which delves into agrochemical products, has successfully commissioned a wind-solar hybrid power plant of 18.34 MW in Gujarat. The hybrid plant has been commissioned through its Special Purpose Vehicle (SPV) ReNew Green (GJS Three) Private Limited. The power flow has begun, it added.

The Indian government has set sights on curbing the country’s carbon footprint by at least 45 percent by 2050 from those in 2005 and Meghmani’s initiatives will aid its long-term prospects, the firm said.

Last year in May, the chemical firm set foot into the renewable energy segment. Towards this, the firm announced entering into agreements with Renew Green Energy Solutions Pvt Ltd for setting up a wind-solar hybrid power project. Meghmani Finechem had executed an Energy Subscription Agreement (ESA) and Share Subscription and Shareholder Agreement (SSSHA) for putting up an 18.34 MW wind-solar hybrid power plant in Gujarat under a Special Purpose Vehicle (SPV) with Renew Green Energy Solutions Pvt Ltd. MFL holds 26% stake in the SPV for a contribution of INR 20.54 crore and ReNew Green Energy Solutions Pvt Ltd will contribute INR 58.46 crore for a 74% stake, the firm had shared back then.

As per the terms of the agreement, the power generated from the plant will be supplied exclusively to MFL under the captive status for a tenure of 25 years.

MFL maintained that this initiative is its step towards augmenting green energy and reducing carbon footprint.