Prozeal Green Energy, an Independent Power Producer (IPP) and Engineering, Procurement and Construction (EPC) services provider, has signed a framework agreement with a France-based European independent power producer for the proposed divestment of a 100 MW (AC) solar power project in Gujarat. The proposed transaction is valued at approximately ₹460 crore (₹4,600 million).
The agreement represents a step in Prozeal Green Energy’s strategy to expand its renewable energy portfolio through international partnerships while supporting India’s transition toward cleaner energy sources. The European partner, an independent multi-energy group operating across the renewable energy value chain, is seeking to strengthen its presence in India’s growing solar energy market through the proposed acquisition.
Under the proposed arrangement, the transaction will be completed once the solar project achieves commercial operation, subject to the fulfillment of contractual conditions and the execution of definitive transaction agreements. The project is currently scheduled to become operational in 2027.
Prozeal Green Energy is expected to retain responsibility for EPC services and long-term Operations and Maintenance (O&M) activities, allowing the company to remain involved in the project’s development and operational performance following the proposed divestment.
The company currently has an ongoing IPP portfolio of 500 MW, which is targeted for commissioning by March 2027. Prozeal has executed renewable energy projects across 22 Indian states, with experience spanning solar power, wind-solar hybrid systems, Battery Energy Storage Systems (BESS), and green hydrogen and ammonia-related technologies.
The proposed partnership is also expected to support Prozeal’s expansion in India’s commercial and industrial (C&I) renewable energy market, where demand for reliable and sustainable electricity solutions continues to increase.
Commenting on the agreement, Manan Thakkar, Co-Founder and Managing Director of Prozeal Green Energy, described the development as an important milestone in the company’s strategy to develop high-quality renewable energy projects alongside international partners.
He stated that the European IPP’s financial capabilities and international presence would support Prozeal’s continued growth as an independent power producer. Thakkar also highlighted increasing demand for renewable energy solutions from India’s commercial and industrial sectors and expressed confidence in progressing the project through its contractual and operational milestones.
The European IPP partner highlighted Prozeal Green Energy’s project execution experience and established relationships with major industrial customers, particularly in the steel, chemicals, and pharmaceutical sectors, as key factors behind the partnership.
According to the European company, the proposed acquisition would expand its renewable energy activities in India while supporting its broader objective of delivering energy solutions to industrial customers.
The agreement comes amid continued investment in India’s renewable energy sector, with international developers and investors increasingly exploring opportunities in utility-scale solar power and industrial renewable energy supply.
By combining Prozeal Green Energy’s domestic project development and operational expertise with the European IPP’s financial resources and international renewable energy experience, the companies aim to expand clean energy infrastructure and support India’s transition toward a low-carbon electricity system.
The proposed ₹460 crore transaction remains conditional and has not yet been completed. Its successful execution would further demonstrate the growing importance of cross-border partnerships in accelerating renewable energy development and attracting international investment into India’s solar power sector.
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