Meghmani Finechem forays into green energy space

MFL in collaboration with Renew Green Energy Solutions Pvt. Ltd. to set up 18.34 MW wind- solar hybrid power plant

Meghmani Finechem Limited (MFL), a leading manufacturer of Chlor-Alkali and its value added derivatives, on Saturday announced that it has entered into agreements with Renew Green Energy Solutions Pvt Ltd for setting up a wind-solar hybrid power project. The collaboration marks the entry of MFL into the renewable energy space and highlights its unwavering commitment towards promoting green energy and reducing carbon footprint.

Meghmani Finechem has executed an Energy Subscription Agreement (ESA) and Share Subscription and Shareholder Agreement (SSSHA) for putting up an 18.34 MW wind-solar hybrid power plant in Gujarat under a Special Purpose Vehicle (SPV) with Renew Green Energy Solutions Pvt Ltd.

MFL will hold 26 percent stake in the SPV for a contribution of ₹20.54 crore and ReNew Green Energy Solutions Pvt Ltd will contribute ₹ 58.46 crore for a 74 percent stake.

Maulik Patel; Chairman and Managing Director – MFL said: At Meghmani Finechem, our team is focused on protecting the environment by using the best and latest technology. We endeavour to further strengthen our position in protecting the environment by getting into green energy (Wind-Solar Hybrid Power Plant).

The Hybrid Power Plant will help us to meet our additional electricity demand and will also allow us to produce Green Hydrogen, supporting the Government of India’s initiative of Green Energy and Green Hydrogen.