4 days ago
Epigral acquires 26% stake in renewable energy SPV for Rs 21.38 crore
By Aman Shukla Published on June 4, 2025, 11:13 IST
Epigral Limited has announced the execution of agreements to invest in a renewable energy project in Gujarat. On June 4, 2025, the company entered into a Share Subscription and Shareholder's Agreement with Prozeal Green Power Private Limited and Pro-Zeal Green Power Ten Private Limited. Additionally, it signed an Energy Supply Agreement with Pro-Zeal Green Power Ten Private Limited to source 19.80 MW of Wind Solar Hybrid (WSH) power as a captive consumer.
As part of this transaction, Epigral will subscribe to at least 26% of the securities—comprising equity and optionally convertible debentures—of Pro-Zeal Green Power Ten Private Limited, a special purpose vehicle (SPV) formed to develop and operate the WSH power project. The investment will be made in one or more tranches, totaling approximately ₹21.38 crore, and will be through cash consideration.
The SPV was incorporated on January 2, 2025, and is yet to begin commercial operations. Its current paid-up capital is ₹1 lakh. Following the transaction, Pro-Zeal Green Power Ten will become an associate of Epigral. The ownership in the SPV will be held in the ratio of 26:74 by Epigral and Prozeal Green Power Private Limited, respectively.
This strategic move aligns with Epigral's efforts to secure power for its future expansion projects while progressing towards its sustainability goals. The transaction has been carried out at arm's length and does not require any regulatory approvals.
Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
