Gujarat Alkalies and Chemicals Limited (GACL) has executed multiple agreements for setting up a captive Wind-Solar Hybrid power project in Gujarat. The company executed Share Purchase Agreement and Shareholders' Agreement among GACL, Fourth Partner Energy Private Limited, and Special Purpose Vehicle (SPV) Company FPEL Bhanu Private Limited.
Project Details
The hybrid power project will have:
- Wind capacity: 19.8 MW
- Solar capacity: approximately 25 MWp (19.25 MW AC)
- Total capacity: 44.8 MW
- Location: Gujarat
Equity Structure and Investment
As per the Share Purchase Agreement:
- GACL will acquire 26% shareholding of FPEL Bhanu Private Limited
- Fourth Partner Energy Private Limited will hold 74% stake
- Both parties will invest in equity shares in the ratio 26:74 from time to time
- Consideration: Cash at face value
- The acquisition of 26% shares is expected to be completed shortly
SPV Company Details
FPEL Bhanu Private Limited:
- Incorporated on: 21st November 2025
- Authorized Share Capital: ₹15,00,000
- Paid-Up Share Capital: ₹1,00,000
- Industry: Renewable Energy
- Business status: Yet to commence operations (no turnover history)
- Country of incorporation: India
Additional Agreements
The Company and SPV Company have also executed Power Consumption Agreements and other related agreements for the project establishment.
Key Considerations
- Not a related party transaction
- No promoter/promoter group/group companies have any interest in the entity being acquired
- The acquisition is done at "arm's length"
- No governmental or regulatory approvals required
- Entire power generated by the SPV will be used by GACL for captive use
- The object is to set up captive power project for company's operations
Financial Impact
The initial acquisition is at face value. The company will make subsequent investments in the 26:74 ratio with Fourth Partner Energy for project establishment.