Maharashtra: Lloyds Metals In Deal To Get 28.2 MW RE From Hexa

Maharashtra-based Lloyds Metals has signed a Share Subscription and Shareholders Agreement with Hexa Energy MH3 Private Limited and Hexa Climate Solutions to strengthen renewable power sourcing for its operations in Maharashtra, the company said in a regulatory filing.

The company shared the details of the agreement in a regulatory filing, which said, “The deal includes the development of a 28.2 MW renewable energy project, comprising an 8.40 MW wind project and a 19.80 MWac / 27.72 MWp solar installation.” It added, “The acquisition is expected to be completed tentatively by June 2025.”

Additionally, “Lloyds Metals has approved the acquisition of at least a 26% equity stake in Hexa Energy MH3 for wind power and in Hexa Energy W2 Private Limited for solar power, under the Group Captive Scheme for electricity procurement. The company’s board also approved corporate guarantees of up to USD 30 million on behalf of its step-down subsidiaries (Special Purpose Vehicles) to banks and financial institutions for credit facilities.”

Sharing a brief background about the entity acquired, Lloyds Metals said, ” To implement the project, a new entity under Hexa MH3 has been incorporated to develop and operate the captive wind and solar power generation plant. The entity will produce electricity primarily for Lloyds Metals’ own consumption, aligning with its cost-efficiency and sustainability goals.”

It will oversee both generation and transmission of power from wind and solar sources. The company said the energy generated will be used internally in line with applicable electricity laws. The initiative is expected to reduce dependence on external power sources, cut energy costs, and provide greater control over supply.