GACL to acquire 26% stake in FPEL Bhanu for hybrid power project

Gujarat Alkalies and Chemicals Ltd (GACL) has executed a Share Purchase Agreement and Shareholders' Agreement to set up a captive Wind-Solar Hybrid power project in Gujarat. GACL will acquire a 26% stake in FPEL Bhanu Private Limited, a subsidiary of Fourth Partner Energy Private Limited, for face value consideration. The project will have a wind capacity of 19.8 MW and a solar capacity of approximately 25 MWp (19.25 MW AC). GACL and FPEL Bhanu Private Limited have also signed Power Consumption Agreements. The SPV company, FPEL Bhanu Private Limited, has an authorized share capital of ₹15,00,000 and a paid-up share capital of ₹1,00,000. The acquisition is expected to be completed shortly and is not a related party transaction. The entire power generated will be used by GACL for captive consumption.