Lloyds Metals Signs Captive Solar PPA for 86 MWp with Hinduja Renewables in Maharashtra

Lloyds Metals and Energy Ltd. has executed two captive solar Power Purchase Agreements (PPAs) with HR Godavari Pvt. Ltd., a special purpose vehicle (SPV) incorporated in collaboration with Hinduja Renewables Energy Pvt. Ltd.

The agreements include a 16.05 MWp (10.70 MWac) and a 70 MWp (50 MWac) capacity, respectively, totalling 86 MWp.

In conjunction with the PPAs, Lloyds has also signed a Share Subscription and Shareholders’ Agreement, under which the company will acquire at least 26 percent of the paid-up equity share capital of HR Godavari. This investment aligns with the Electricity Rules governing captive power generation.

As part of the agreement, Lloyds will have pre-emptive rights to maintain its minimum shareholding and affirmative voting rights on key decisions, including changes to charter documents, capital structure, mergers, liquidation, legal status, and any amendments affecting captive power status or business continuity.

The move is aimed at enhancing the company’s renewable energy sourcing and reducing its carbon footprint in alignment with ESG objectives.