Meghmani Finechem Ltd. (MFL) has partnered with Renew Green Energy Solutions to set up an 18.34 MW wind-solar hybrid power project in Gujarat for self-consumption.
The company will set up a special purpose vehicle (SPV) with Renew Green Energy Solutions to build the plant. It will raise a 26% stake in the SPV by contributing INR 20.54 crore ($2.65 million). Renew Green Energy Solutions will invest INR 58.46 crore in a 74% stake.
Meghmani Finechem has signed an energy subscription agreement, share subscription deal, and shareholder agreement to install the wind-solar hybrid power plant. This project will be commissioned by December.
The plant will exclusively supply power to Meghmani Finechem over a period of 25 years. This will help Meghmani Finechem meet its energy requirements, while also allowing it to produce green hydrogen. The cost per unit of electricity through this hybrid power plant will be lower than the power procured from the electricity grid.
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