Prozeal Green Energy Signs Deal to Divest 100 MW Solar Project

Prozeal Green Energy, an Independent Power Producer (IPP) and Engineering, Procurement and Construction (EPC) provider, has entered into a Framework Agreement with a European IPP, an independent multi-energy group, regarding the proposed divestment of a 100 MW (AC) solar project in Gujarat, at a transaction value of about INR 4,600 million.

This agreement reflects Prozeal’s efforts to contribute to India’s renewable energy transition and pursue international collaborations. Prozeal has a total ongoing portfolio as an independent power producer of 500 MW set to commission by March 2027.

The proposed transaction remains subject to compliance with the terms and conditions of the agreement and the execution of the definitive transaction agreements and would be completed once the project reaches commercial operation. Prozeal Green Energy is expected to provide EPC services and manage long-term Operations and Maintenance (O&M). The project is currently scheduled to become operational in 2027.

Prozeal’s responsibilities leverage its technical experience, having executed RE projects across 22 Indian states, with a portfolio comprising solar, wind-solar hybrid, with BESS and Green Hydrogen Ammonia and other derivatives. The European IPP is a multi-energy group based in France, operates throughout the renewable energy value chain and is expanding its investment and presence in India’s solar sector through this acquisition.

Manan Thakkar, Co-Founder and Managing Director at Prozeal Green Energy, commented, “The signing of this agreement is an important step for Prozeal, reflecting our strategy of developing high-quality renewable energy projects with international partners. The European IPP partner’s reach and financial capacity will help us develop further as an Independent Power Producer. There is growing demand in the Indian commercial and industrial sector for renewable energy solutions, and this partnership is structured to address those requirements. We look forward to progressing the project and the proposed transaction through the next contractual and operational milestones.”

The European IPP partner said, “Prozeal Green Energy’s operational record and connections with major industrial players in sectors such as steel, chemicals, and pharmaceuticals form the basis of this partnership. This transaction increases our activities in India and supports our aim to deliver energy solutions.”