News ArticleNGL Fine-Chem Invests in 3.10 MW Solar and 3.60 MW Wind Projects for Long-Term Renewable Energy Supply
Board approves equity subscription in two special purpose vehicles and power purchase agreements for Maharashtra units and subsidiary Macrotech Polychem
NGL Fine-Chem Limited's Board approved equity investments and power purchase agreements for two renewable energy special purpose vehicles in Maharashtra, including a 26% stake in a 3.10 MW solar project and a 22.28% stake in a 3.60 MW wind power project, enhancing sustainable energy procurement for its units and subsidiary.
NGL Fine-Chem Limited
General / Other
NGL Fine-Chem Limited's Board approved entering into power purchase agreements for renewable energy from a 3.10 MW solar and a 3.60 MW wind power project in Maharashtra, alongside subscribing to 26% and 22.28% equity stakes respectively in their special purpose vehicles.
The two renewable energy projects will be developed by special purpose vehicles created by Prozeal Green Power Private Limited for captive consumption under relevant Indian electricity regulations.
The investments will be made either through pure equity or a mix of equity and compulsorily convertible debentures, with final details pending.
The transaction also covers procurement of power on behalf of NGL Fine-Chem's wholly owned subsidiary, Macrotech Polychem Private Limited, for which NGL Fine-Chem will invest Rs. 54,00,000.
Macrotech Polychem's plant will consume the electricity procured and will be responsible for payments related to power consumption.
The Board meeting commenced at 4:45 p.m. and concluded at 7:15 p.m. on November 6, 2026.
Highlights
- Equity stake of 26% in the proposed 3.10 MW solar power project (SPV1).
- Equity stake of 22.28% in the proposed 3.60 MW wind power project (SPV2).
- Investment includes Rs. 54,00,000 made on behalf of subsidiary Macrotech Polychem Private Limited.
- Power purchase agreements entered for long-term renewable energy supply for Maharashtra units.
- Projects to be developed under Electricity Act, 2003 and Electricity Rules, 2005 for captive consumption.
Key Data Snapshot
What happened
- NGL Fine-Chem's Board approved power purchase agreements for renewable energy from two projects in Maharashtra: a 3.10 MW solar project and a 3.60 MW wind project.
- The company will subscribe to minority equity stakes of 26% and 22.28% in the special purpose vehicles developing the solar and wind projects respectively.
- The renewable power will be used for captive consumption at company units and the plant of its subsidiary, Macrotech Polychem Private Limited.
Transaction details
- The projects will be developed by special purpose vehicles set up by Prozeal Green Power Private Limited.
- NGL Fine-Chem's investments will be made through equity shares or a hybrid with compulsorily convertible debentures, with the exact structure to be determined.
- The investment includes Rs. 54,00,000 made on behalf of subsidiary Macrotech Polychem Private Limited, which will consume the procured electricity.
Regulatory and governance context
- The transactions and power procurement are structured under the Electricity Act, 2003 and Electricity Rules, 2005 for captive consumption.
- The Board meeting started at 4.45 p.m. and ended at 7.15 p.m. on November 6, 2026, where these approvals were granted.
Highlights
- Equity stake of 26% in the proposed 3.10 MW solar power project (SPV1).
- Equity stake of 22.28% in the proposed 3.60 MW wind power project (SPV2).
- Investment includes Rs. 54,00,000 made on behalf of subsidiary Macrotech Polychem Private Limited.
- Power purchase agreements entered for long-term renewable energy supply for Maharashtra units.
- Projects to be developed under Electricity Act, 2003 and Electricity Rules, 2005 for captive consumption.
Disclosures
- SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
- Electricity Act, 2003
- Electricity Rules, 2005
Source Information
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