News ArticleNGL Fine-Chem Signs Long-Term Renewable Energy PPAs and Plans Equity Investments in 3.10 MW Solar and 3.60 MW Wind Projects for Maharashtra Operations
Board approves equity subscriptions up to 26% and 22.28% stakes in SPVs formed by Prozeal Green Power, including Rs. 54 lakh investment on behalf of subsidiary Macrotech Polychem
NGL Fine-Chem Limited's Board approved long-term Power Purchase Agreements for 3.10 MW solar and 3.60 MW wind projects through special purpose vehicles developed by Prozeal Green Power. The company will invest by subscribing to equity shares representing 26% and 22.28% stakes in the solar and wind SPVs, respectively, including investment on behalf of its subsidiary Macrotech Polychem Pvt Ltd amounting to Rs. 54,00,000. This move supports captive renewable energy consumption for its Maharashtra units.
NGL Fine-Chem Limited
Financial Results
NGL Fine-Chem Limited has approved entering into long-term power purchase agreements (PPAs) for renewable energy sourced from a 3.10 MW solar and a 3.60 MW wind power project developed by special purpose vehicles under Prozeal Green Power Pvt Ltd for its Maharashtra units.
The company will subscribe to equity shares representing 26% of the solar SPV and 22.28% of the wind SPV to be incorporated, through either pure equity or a hybrid with compulsorily convertible debentures.
This transaction includes power procurement on behalf of its wholly owned subsidiary Macrotech Polychem Pvt Ltd, with NGL Fine-Chem investing Rs. 54,00,000 on Macrotech’s behalf.
Electricity generated will be consumed captively by the respective units under the Electricity Act, 2003 and Electricity Rules, 2005.
The Board also approved the standalone and consolidated unaudited financial results for the quarter and half year ended September 30, 2026, along with the statutory auditors’ limited review report.
Highlights
- Long-term Power Purchase Agreements signed for 3.10 MW solar and 3.60 MW wind projects in Maharashtra.
- Equity subscription of 26% in the solar SPV and 22.28% in the wind SPV approved, with final investment model pending.
- Investment of Rs. 54,00,000 made on behalf of subsidiary Macrotech Polychem Private Limited.
- Projects developed by Prozeal Green Power Private Limited through special purpose vehicles for captive consumption.
- Board meeting held on November 6, 2026, approved key investments and financial results submission.
Key Data Snapshot
What happened
- NGL Fine-Chem’s Board approved long-term PPAs for renewable energy from solar and wind projects in Maharashtra.
- The projects will be developed by special purpose vehicles to be incorporated by Prozeal Green Power Private Limited.
- The company plans to subscribe to equity shares representing significant minority stakes in both SPVs.
- Investment includes Rs. 54 lakh on behalf of subsidiary Macrotech Polychem Private Limited.
- Electricity generated is for captive consumption under applicable electricity laws.
Key details
- Solar project capacity is 3.10 MW and wind project capacity is 3.60 MW.
- Equity stakes are 26% in the solar SPV and 22.28% in the wind SPV.
- Final investment structure (equity vs hybrid with debentures) is yet to be decided.
- Power procurement will also serve Macrotech Polychem Pvt Ltd through investment by NGL Fine-Chem.
- Board meeting started at 4:45 p.m. and concluded at 7:15 p.m. on November 6, 2026.
Regulatory and governance context
- Power procurement agreements are under the framework of the Electricity Act, 2003 and Electricity Rules, 2005.
- Investments comply with SEBI Listing Obligations and Disclosure Requirements Regulations, 2015 (Regulations 30 and 33).
- Financial results for the quarter and half year ended September 30, 2026, were approved and filed along with limited review reports by statutory auditors.
Highlights
- Long-term Power Purchase Agreements signed for 3.10 MW solar and 3.60 MW wind projects in Maharashtra.
- Equity subscription of 26% in the solar SPV and 22.28% in the wind SPV approved, with final investment model pending.
- Investment of Rs. 54,00,000 made on behalf of subsidiary Macrotech Polychem Private Limited.
- Projects developed by Prozeal Green Power Private Limited through special purpose vehicles for captive consumption.
- Board meeting held on November 6, 2026, approved key investments and financial results submission.
Disclosures
- SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
- Electricity Act, 2003
- Electricity Rules, 2005
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