Prozeal Set To Supply 24.40 MWp Solar Power To Aarti Drugs

Prozeal Set To Supply 24.40 MWp Solar Power To Aarti Drugs

Mumbai-based Aarti Drugs has tied up with Prozeal Green Energy to procure solar power through a captive arrangement. The company announced the collaboration in a regulatory filing, stating, “Aarti Drugs, a manufacturer of Active Pharmaceutical Ingredients (APIs) and Pharma Intermediates, has entered into a share subscription and shareholders’ agreement with Prozeal Green Power and Pro-Zeal Green Power Nine Private Limited.”

Before the regulatory filing, the company stated, “This transaction involves the acquisition of a 26.25% equity stake/voting rights and compulsory convertible debentures in Pro-Zeal Green Power Nine Private Limited—a Special Purpose Vehicle (SPV) formed to develop, construct, operate, and maintain a 24.40 MWp (19.36 MW) solar power plant, which will partly cater to the company’s power requirements. This aligns with the company’s commitment to procuring power from renewable sources.”

The company added, “To meet green energy needs and optimize energy costs, the company will acquire a 26.25% equity stake in the SPV as per electricity laws. The solar power generated by the SPV will be supplied to Aarti Drugs Limited for captive consumption.” The company further mentioned, “The cost of acquisition is ₹8,05,20,000. The SPV has been established to develop, construct, operate, and maintain a solar power plant, which will partly cater to the company’s power requirements.”

Prozeal Expands Footprint

Last year, Prozeal Green Energy Limited and Golyan Power Limited, a corporate group in Nepal, signed a joint venture agreement to transform Nepal’s energy landscape. Together, the two companies plan to develop over 500 MW of solar energy projects, including rooftop and ground-mounted photovoltaic (PV) solar plants, across multiple locations in Nepal.

In 2024, Prozeal Green Energy won Gujarat Urja Vikas Nigam Limited’s (GUVNL) 100 MW project at a tariff of ₹2.55/kWh. It also secured a solar-plus-battery energy storage project in Leh from the Solar Energy Corporation of India (SECI). The company intends to develop a 25 MW (AC) solar PV power plant (50 MWp) with a 20 MW/50 MWh battery energy storage system (BESS) at Taru, Leh.