Gujarat Alkalies and Chemicals Limited (GACL) has taken a significant step towards expanding its renewable energy portfolio by entering into agreements to develop a captive wind-solar hybrid power project in Gujarat. The proposed project will have a wind power capacity of 19.8 MW and a solar power capacity of approximately 25 MWp, equivalent to 19.25 MW on an AC basis. The initiative is aimed at securing a dedicated renewable energy supply for the company’s operational requirements.
To develop the project, GACL has entered into multiple agreements with Fourth Partner Energy Private Limited and its subsidiary, FPEL Bhanu Private Limited. The agreements include a Share Purchase Agreement, Shareholders’ Agreement, Power Consumption Agreement and other related contracts. These arrangements will establish the framework for developing and operating the proposed renewable energy facility.
Under the Share Purchase Agreement, GACL will acquire a 26% equity stake in FPEL Bhanu Private Limited, a special purpose vehicle (SPV) currently operating as a subsidiary of Fourth Partner Energy. The remaining 74% shareholding will be held by Fourth Partner Energy. Both companies will make equity investments in the SPV in a 26:74 ratio to support the development and implementation of the hybrid power project.
The initial acquisition of the 26% stake will be completed through a cash payment at face value. FPEL Bhanu Private Limited was incorporated on November 21, 2025, with an authorised share capital of ₹15 lakh and a paid-up share capital of ₹1 lakh. As the company is newly established and has not started commercial operations, its turnover for the previous three financial years is not applicable.
The entire electricity generated by the proposed wind-solar hybrid project will be consumed by GACL for its captive power requirements. Through this arrangement, the company aims to increase the use of renewable electricity in its operations and strengthen its efforts towards adopting cleaner energy sources.
The project will combine wind and solar generation to provide renewable power through a dedicated captive arrangement. This approach will support GACL in diversifying its energy sourcing while contributing to its broader sustainability objectives.
According to the company, no major governmental or regulatory approvals are required to complete the acquisition. The transaction involving the initial 26% shareholding in FPEL Bhanu Private Limited is expected to be completed shortly. Once developed, the hybrid facility will provide GACL with an additional source of renewable electricity for its industrial operations.
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