Meghmani Finechem, Renew Green to set up wind-solar hybrid power project in Gujarat
Meghmani Finechem Limited (MFL), an Indian manufacturer of chlor-alkali and its value added derivatives, has signed agreements with Renew Green Energy Solutions to set up an 18.34MW wind-solar hybrid power project in Gujarat.
The collaboration marks the foray of Meghmani Finechem into the renewable energy sector.
A special purpose vehicle (SPV) will be established for the wind-solar hybrid power project in which ReNew Green Energy Solutions will have a stake of 74% through an investment of INR 58.46 crores. Meghmani Finechem will hold the remaining 26% with an investment of INR 20.54 crores.
The hybrid power plant in Gujarat is likely to begin operations in the third quarter of FY23.
Meghmani Finechem, Renew Green Energy Solutions to set up 18MW wind-solar hybrid power project in Gujarat. Photo courtesy of Samuel Faber from Pixabay.
Under the terms of the agreement, the power produced by the wind-solar hybrid power project will be exclusively supplied to Meghmani Finechem under the captive status for a period of 25 years.
Comments on the new wind-solar hybrid power project in Gujarat
Maulik Patel — Meghmani Finechem Chairman and Managing Director 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.”