Gujarat Alkalies partners for 75.9 MW renewable hybrid power project

Gujarat Alkalies and Chemicals Limited (GACL) announced the execution of a share purchase agreement with Clean Max Enviro Energy Solutions Limited to establish a 75.9 MW renewable hybrid power project. GACL will acquire a 26% shareholding in Clean Max Sphere Energy Private Limited, a subsidiary of Clean Max Enviro Energy Solutions Limited, which will serve as the special purpose vehicle (SPV) for the project. Both GACL and Clean Max Enviro Energy Solutions Limited will invest in equity shares in a 26:74 ratio, respectively.

The project's objective is to set up a 75.9 MW hybrid renewable power project, with 100% of the power generated designated for GACL's captive use. Clean Max Sphere Energy Private Limited has an authorized and paid-up share capital of INR 1,00,000 and has not yet commenced business operations.

GACL plans to execute a shareholders' agreement and power consumption agreement(s) in due course. The acquisition of the 26% shares is expected to be completed shortly, with the consideration paid in cash at face value.