Meghmani Organics Limited has entered into an agreement with Pro-Zeal Green Power Fifteen Private Limited, a special purpose vehicle of Prozeal Green Power Private Limited. The agreement is for the procurement of 3.30 MW of contracted capacity from a wind–solar hybrid project located in Gujarat.
Under the agreement, Meghmani Organics plans to acquire at least a 26 per cent equity stake in the hybrid project by investing approximately Rs 36.3 million. The investment will be structured through a mix of equity share capital and compulsory convertible debentures.
Additionally, the remaining 74 per cent of the securities will be held by the promoter, Prozeal Green Power Private Limited.
