Meghmani Organics Ltd, an Ahmedabad-based chemicals manufacturer, has signed an agreement with Pro-Zeal Green Power Fifteen Private Ltd to procure a contracted capacity of 3.30 MW from a wind–solar hybrid (WSH) power project located in the state of Gujarat.
Pro-Zeal Green Power Fifteen, the power producer for the project and a special purpose vehicle established by Prozeal Green Power Private Limited, is yet to commence commercial operations. The arrangement is aimed at supporting Meghmani Organics’ growing energy requirements while advancing its sustainability and renewable energy commitments.
To comply with the captive consumer provisions under the Electricity Act and applicable rules, Meghmani Organics proposes to acquire a minimum 26% stake in the power project through an investment of approximately INR 3.63 crore. The investment will be made through a combination of equity share capital and compulsory convertible debentures.
Post subscription, the securities of Pro-Zeal Green Power Fifteen will be held in the ratio of 26:74 between Meghmani Organics Ltd and the promoter, Prozeal Green Power Private Limited, respectively.
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