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Mahanagar Gas to Procure Solar Power in CNG Stations in Maharashtra from Fourth Partner Energy

Mahanagar Gas will acquire a 26 percent stake in FPEL Reliant Energy, an SPV of Fourth Partner Energy, with an investment of up to INR 3.89 crore to develop captive solar power plant in Maharashtra to supply electricity to the former’s CNG stations.

March 09, 2026. By Mrinmoy Dey

Mahanagar Gas announced that the company has entered into a Share Subscription and Shareholders’ Agreement to acquire a 26 percent equity stake in FPEL Reliant Energy, an SPV of Fourth Partner Energy, for an investment of up to INR 3.89 crore to develop a solar power plant in Maharashtra for supplying electricity to its CNG stations.

The agreement has been signed with FPEL Reliant and its holding company, FPEL Saur Vidyut. The proposed investment will enable the development of a solar power project aimed at meeting the green energy requirements of Mahanagar Gas and optimising its power costs while complying with regulatory requirements under the Electricity Act, 2003, the company stated in a regulatory filing.

Jay Kumar Waghela, CEO (Distributed Business Unit), Fourth Partner Energy, said, “We at Fourth Partner Energy are proud to partner with Mahanagar Gas in its endeavour to integrate renewable power into their operational ecosystem and support India’s transition towards cleaner energy solutions. Corporates across various sectors are boosting their use of solar and other renewables to lower carbon emissions and promote a greener environment. At FPEL, we are proud to offer all integrated clean energy solutions, including solar, wind, battery storage, hybrid power and carbon credits on a single platform to help players like MGL fast-track its net zero goals. We are thrilled and look forward to this new journey with MGL.”

Following the transaction, FPEL Reliant will become an associate company of Mahanagar Gas. The acquisition will be completed through cash consideration and is expected to be finalised within six months from the execution of the agreement, it said.

Tags:

Solar PV

Mahanagar Gas Limited

Fourth Partner Energy

FPEL Reliant Energy

FPEL Saur Vidyut

Solarising C and I segment

Solarising CNG stations

Jay Kumar Waghela