Refex Solar SPV Five Limited's Acquisition Strengthens Solar Power Portfolio

Team FS

05/Dec/2024

What's covered under the Article

Refex Solar SPV Five Limited acquired to develop a 100 MW solar power project awarded by NTPC.
The solar power project includes a 25-year Power Purchase Agreement (PPA) with NTPC.
Refex Solar's step-down subsidiary acquisition strengthens its foothold in renewable energy.

Refex Group has made a strategic move by acquiring Refex Solar SPV Five Limited (SPV Five) as a step-down wholly-owned subsidiary. This acquisition underlines Refex Group's commitment to advancing India's renewable energy landscape through its subsidiary, Refex Green Power Limited (RGPL). The acquisition, valued at ₹10,00,000, is aimed at developing a 100 MW solar power project awarded by NTPC Limited, a Maharatna PSU, under the RfS No: NTPC/RE-CS/2024-25/Solar-01.

Project Scope and Objectives

SPV Five will serve as the solar power developer for the 100 MW capacity project, which is set to begin operations on December 4, 2024. The project will operate under a 25-year Power Purchase Agreement (PPA) between NTPC and SPV Five. This agreement will ensure the steady purchase of solar power generated by the project, furthering India’s renewable energy goals.

The estimated project cost of ₹480 crores highlights Refex Group's investment in advancing sustainable energy solutions. The acquisition aligns with Refex Group's mission to support renewable energy growth in India, leveraging its expertise in the solar power sector.

Background of Refex Solar SPV Five Limited

Incorporated on December 4, 2024, Refex Solar SPV Five Limited is focused on renewable energy and aims to streamline solar power development. With a paid-up equity share capital of ₹10,00,000 and its position as a step-down wholly-owned subsidiary, the company is strategically positioned to expand Refex Group's footprint in the solar energy market.

Strategic Importance

The acquisition of SPV Five reflects Refex Group’s dedication to enhancing its renewable energy portfolio. By incorporating SPV Five into its operations, Refex Group aims to:

Support India's solar energy objectives, contributing to sustainable development.
Strengthen its expertise in solar power development through large-scale projects like NTPC's 100 MW initiative.
Unlock opportunities for future collaborations and investments in the solar energy sector.

Future Outlook

The 100 MW solar power project will play a crucial role in reducing carbon emissions and promoting clean energy in India. It is expected to pave the way for more ambitious solar projects under Refex Group’s leadership, fostering innovation and sustainability in the energy industry.

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