Epigral has executed the share subscription and shareholder’s agreement with ‘Prozeal Green Power’ (Promoter) and ‘Pro-Zeal Green Power Ten’ (Power Producer) and energy supply agreement with ‘Pro-Zeal Green Power Ten’ to source a contracted capacity of 19.80 MW ‘Wind Solar Hybrid (WSH) Power’ (Project) as a captive consumer from WSH power plant located in the State of Gujarat.
This transaction entails subscription of minimum 26% of Securities (equity and optionally convertible debentures, in one or more tranches) of Power Producer, a special purpose vehicle (SPV) formed for developing, constructing, operating and maintaining the project. Sourcing power from renewable resources is in line with the company’s commitment towards sustainability goals.
The company proposes to invest an amount of Rs 21.38 crore, in one or more tranches, for subscription of minimum 26% Securities of the Power Producer i.e. Equity Share Capital and Optionally Convertible Debentures. The company and the promoter (Prozeal Green Power) will hold Securities issued by the Power Producer in the ratio of 26:74.
Epigral, formerly known as Meghmani Finechem, is a leading integrated manufacturer of chemicals in India.
