Magazine

Last edition
January-February 2025

Home › Renewable energy ›Aarti Drugs to Procure 24.40 MWp Solar Power from Prozeal Green Energy

Aarti Drugs to Procure 24.40 MWp Solar Power from Prozeal Green Energy

Aarti Drugs has partnered with Prozeal Green Energy to procure solar power through a captive arrangement, acquiring a 26.25 percent stake in an SPV for INR 8.05 crore to develop a 24.40 MWp solar power plant.

February 04, 2025. By Mrinmoy Dey

Mumbai-based Aarti Drugs will procure solar power from Prozeal Green Energy through a captive arrangement. The company has entered into a Share Subscription and Shareholders’ Agreement with Prozeal Green Power, a subsidiary of Prozeal Green Energy, to acquire 26.25 percent equity stake in an SPV – Pro-Zeal Green Power Nine, for INR 8.05 crore.

As part of the agreement, the SPV will be developing, constructing, operating and maintaining a 24.40 MWp (19.36 MW) solar power plant exclusively to cater to the company’s power requirement partly. “This is in line with the company’s commitment towards procuring power through renewable resources,” shared the company in a regulatory filing.

It further added that it will involve an investment of INR 6.30 lakh by way of subscription to 63,000 equity shares of INR 10 each of Pro-Zeal Green Power Nine. Additionally, the company will also invest INR 7.98 crore in Compulsory Convertible Debentures in a phased manner.

Prozeal Green Power is a wholly-owned subsidiary of Prozeal Green Energy, wherein Aarti Drugs’ promoter, Chandrakant V. Gogri is the Director and Shareholder. The transaction is being carried out at arm’s length basis, it said.

In the recent past, pharmaceutical companies have increased their RE intake. Last month, Ahmedabad-based pharmaceutical company Concord Biotech announced that it will procure 9.9 MW wind-solar hybrid power from Clean Max Enviro Energy Solutions (CleanMax) for its manufacturing plant located at Dholka, Gujarat through a captive arrangement.

In October 2024, Bengaluru-based Strides Pharma invested INR 1.61 crore for a 2.48 percent stake in AMPIN Energy C&I One to procure solar power for its Chennai facility via a group captive arrangement.

Maharashtra-based JB Pharma said it sourced 12.1 percent of its energy needs from renewable sources in 2023-24.

In September 2024, Lupin signed a PPA with Sunsure Energy for 21 MW of solar power through open access.

Tags:

Solar projects in Maharashtra

Ground-mounted solar project

Solarising pharma sector