Epigral, Prozeal Ink 19.8 MW Wind-Solar Hybrid Power Pact

Gujarat-based chemicals manufacturer Epigral has signed an energy supply agreement with Pro-Zeal Green Power Ten Private Limited (Power Producer) and Prozeal Green Power Private Limited (Promoter) to source 19.8 MW of wind-solar hybrid (WSH) power. as a captive consumer from a project in Gujarat, the company said in a regulatory filing.

The transaction involves Epigral subscribing to a minimum 26% stake in the securities—comprising equity and optionally convertible debentures, in one or more tranches—of the power producer, a special purpose vehicle (SPV) formed to develop, construct, operate, and maintain the project. “Sourcing power from renewable resources is in line with the company’s commitment to sustainability goals,” Epigral said.

Epigral added “It plans to invest ₹21.38 crore, in one or more tranches, to acquire the 26% stake in the SPV. Whereas, the remaining 74% will be held by the promoter, Prozeal Green Power Private Limited.” Providing a company overview in the filing, Epigral said: “The power producer, Pro-Zeal Green Power Ten, is engaged in renewable energy generation, transmission, and maintenance. Incorporated on January 2, 2025, the entity has not yet commenced commercial operations. Its current paid-up equity capital stands at ₹1 lakh.”

Prozeal’s Previous Projects

Earlier this year, Prozeal signed an agreement with Aarti Drugs to supply 24.40 MWp of solar power under a captive arrangement. The Mumbai-based pharmaceutical firm entered into a share subscription and shareholders’ agreement with Prozeal Green Power and Pro-Zeal Green Power Nine Private Limited, according to a regulatory filing.

Before the filing, the company had stated: “This transaction involves the acquisition of a 26.25% equity stake and voting rights, along with compulsory convertible debentures in Pro-Zeal Green Power Nine Private Limited—a special purpose vehicle (SPV) formed to develop, construct, operate, and maintain a 24.40 MWp (19.36 MW) solar power plant. The project will partly cater to the company’s power requirements and aligns with its commitment to sourcing energy from renewable sources.”