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Meghmani Finechem Limited (MFL), a major manufacturer of Chlor-Alkali as well as its value-added derivatives, announced on Saturday that it had entered into agreements for the establishment of a wind-solar hybrid energy project with Renew Green Energy Solutions Pvt Ltd. This collaboration marks MFL’s entry into the renewable energy market and highlights the company’s unwavering commitment to green energy and reducing its carbon footprint.
MFL executed an Energy Subscription Agreement, (ESA), and Share Subscription And Shareholder Agreements (SSSHA), for the construction of an 18.34 MW hybrid wind-solar power plant in Gujarat. This was done under a Special Purpose Vehicle (SPV).
MFL will own 26% of the SPV, contributing Rs 20.54 crore. Renew Green Energy Solutions Pvt Ltd contributes Rs. 58.46 crore to acquire a 74% share.
The hybrid power plant will be operational in Q3FY23. The agreement stipulates that the power produced by the plant will only be sold to MFL as a captive for a period of 25 years.
This agreement is a first step in entering the green/renewable sector, thereby reducing carbon footprint and conserving our environment. MFL will be able to meet its future energy needs with the hybrid power plant. This hybrid power plant will produce electricity at a lower cost than power from the grid.
MFL Chairman Maulik Patel commented on the arrangement. He said that Meghmani Finechem’s team is committed to protecting the environment using the most advanced technology. We are determined to strengthen our position in protecting nature by pursuing green energy (Wind/Solar Hybrid Power Plant).
The Hybrid Power Plant will allow us to meet additional electricity demand. It will also enable us to produce Green Hydrogen. This will support the Government of India’s Green Energy and Green Hydrogen initiatives.