MFL, Renew Green Energy to set up hybrid power project in Gujarat

Meghmani Finechem Ltd (MFL) told the media that it has signed agreements with Renew Green Energy Solutions for establishing a wind-solar hybrid power project in Gujarat.

The partnership marks the entry of MFL into the renewable energy space and underlines its unwavering commitment to encouraging green energy and reducing its carbon footprint.

MFL is a top manufacturer of Chlor-Alkali and its value-added derivatives.

It has achieved an Energy Subscription Agreement and Shares Subscription and Shareholder Agreement (SSSHA) with Renew Green for establishing an 18.34 MW wind-solar hybrid power plant in Gujarat under a Special Purpose Vehicle (SPV).

MFL will have a 26 % stake in the SPV for a contribution of Rs 20.54 crore, and Renew Green will contribute Rs 58.46 crore for a 74% stake in SPV.

This hybrid power plant is likely to be commissioned in the December quarter of 2022-23.

The power generated from the plant will be supplied only to MFL under the captive status for a tenure of 25 years, as per the terms of the agreement.

This hybrid power plant will support MFL meet the energy needs of its existing and future projects. The cost per unit of electricity via this plant will be lower than the power procured from the electricity grid.

MFL, Chairman and Managing Director Maulik Patel told the media that the hybrid power plant will help to fulfil additional electricity demand and will also allow us to generate green hydrogen, supporting the initiative of the Government of India (GoI) Green Energy and Green Hydrogen.

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