Refex Renewables & Infrastructure’s wholly-owned subsidiary -- Refex Green Power has acquired equity stake in Refex Vayu SPV 1, Refex Vayu SPV 2 and Grey To Green Transition (name proposed to be changed to Refex Vayu SPV 3), thereby, making them step-down subsidiaries/associate company. The acquisition is aimed at strengthening the company’s renewable energy portfolio and expanding its presence in the wind power generation sector. Refex Green Power has been awarded certain tenders for wind power projects for which new SPVs are required to be setup. Accordingly, such entities would be utilized for setting up the wind IPPs and are readily available to enter into PPAs in time.
Following the acquisitions, Refex Vayu SPV 1 and Grey To Green Transition have become step-down wholly owned subsidiaries of Refex Renewables, while Refex Vayu SPV 2 has become a step-down associate.
Refex Renewables & Infrastructure (formerly known as Sunedison Infrastructure) is engaged in the processing, sale and export of marine products.
