Refex Renewables Incorporates New Subsidiary for Solar Power Project Development

Refex Renewables & Infrastructure Ltd., a renewable energy firm, has announced the incorporation of LC Infra Solar (150 MW) LLP as an associate entity.

This move is part of a partnership between Sherisha Rooftop Solar SPV Four Pvt. Ltd., a company owned by Refex Renewables, and LC
The newly incorporated LLP will focus on the development of a 150 MW solar power project, which has been awarded to it by Maharashtra State Power Generation Co. Ltd. (MAHAGENCO).

The establishment of LC Infra Solar (150 MW) LLP is part of Refex Renewables' broader strategy to strengthen its position in the solar power industry and contribute to India’s renewable energy targets. This 150 MW solar project is a significant addition to the company's growing renewable energy portfolio. The LLP has been formed with an initial capital contribution of INR 10,000, and although it has no turnover yet, it is set to play a pivotal role in India’s clean energy sector.

The acquisition does not qualify as a related party transaction as the promoters and the promoter group have no direct interest in the LLP, aside from their shareholding in Refex Renewables.

As per the firm, with this move, Refex Renewables continues to align its business strategy with the country’s goals to ramp up its renewable energy capacity. The cost of the acquisition, specifically the capital contribution to the LLP, amounts to INR 2,600, and Refex Renewables has acquired a 26 percent shareholding in the entity.

LC Infra Solar (150 MW) LLP will operate in the solar power sector, focusing on the development of large-scale solar power projects. The project awarded by MAHAGENCO is a significant milestone for Refex Renewables, further establishing the company’s presence in India’s renewable energy market. The incorporation of this LLP marks a strategic step towards achieving the company’s long-term objectives in renewable energy development.

Refex Renewables has confirmed that no government or regulatory approvals were required for this acquisition, which has been completed as of December 17, 2024. This move reflects the company’s continued commitment to investing in renewable energy and supporting the transition to cleaner sources of power in India.