Refex Green Power Acquires Stakes In Three Companies To Expand Wind Power Portfolio

Refex Green Power Limited, a wholly owned subsidiary of Refex Renewables & Infrastructure Limited, has acquired equity stakes in three renewable energy companies, strengthening its presence in the wind power generation sector.

The company has acquired a 100% stake in Refex Vayu SPV 1 Private Limited, a 49% stake in Refex Vayu SPV 2 Private Limited, and a 100% stake in Grey To Green Transition Private Limited, which is proposed to be renamed Refex Vayu SPV 3 Private Limited.

Following the transactions, Refex Vayu SPV 1 and Grey To Green Transition have become step-down wholly owned subsidiaries of Refex Renewables & Infrastructure, while Refex Vayu SPV 2 has become a step-down associate company.

For Refex Vayu SPV 1, Refex Green Power acquired 20 lakh equity shares representing 100% ownership for a consideration of ₹2.55 crore. The shares were acquired at a fair value of ₹12.76 each.

In Refex Vayu SPV 2, the company acquired 24.5 lakh equity shares, representing a 49% stake, for ₹2.53 crore. The shares were acquired at a fair value of ₹10.32 each.

The company also acquired 10,000 equity shares representing 100% ownership in Grey To Green Transition for ₹1 lakh. The shares have a face value of ₹10 each.

All three transactions were completed through cash consideration on September 25, 2026. No government or regulatory approvals were required for the acquisitions.

The acquired entities operate in the renewable energy and wind power development sector and are yet to commence operations. Refex said the entities will be used as special purpose vehicles for setting up wind independent power producer (IPP) projects.

Refex Green Power has been awarded certain tenders for wind power projects, for which dedicated SPVs are required. The newly acquired entities are expected to facilitate the development of these projects and enable the company to enter into power purchase agreements (PPAs) within the required timelines.

The acquisitions are related-party transactions as the target companies were owned and controlled by Refex Holding Private Limited, the promoter and holding company. Refex stated that the transactions were undertaken on an arm’s-length basis based on fair valuations obtained from an independent chartered accountant.

The company said the acquisitions are aimed at strengthening its renewable energy portfolio and expanding its presence in wind power generation.