Ahmedabad-based chemical manufacturer Epigral has announced it will source 19.8 MW of wind and solar power from Prozeal Green Energy’s special purpose vehicle (SPV) Pro-Zeal Green Power Ten. The two companies signed share subscription, shareholders’, and energy supply agreements.

Epigral will invest ₹213.8 million (~$2.4 million) in one or more tranches for a subscription of 26% equity share capital and optionally convertible debentures.

Prozeal Green Power will hold 74% stake in the SPV. The hybrid power project is located in Gujarat.

Epigral said it decided to acquire stakes in the SPV to meet its rising energy demands for upcoming expansion projects and to meet its commitment towards sustainability goals.

It said that after acquiring the stake, the SPV would become an associate company.

According to its annual report for 2023-2024, Epigral set up an 18.34 MW wind-solar hybrid power project in 2023.

Several units in the commercial and industrial (C&I) segment in India have been transitioning to clean energy, as it enables them to meet their renewable energy mandates and reduce their power bills.

India added 6.9 GW of solar open access capacity in 2024, a 77% year-over-year increase from 3.9 GW, according to Mercom India Q4 & Annual 2024 India Solar Open Access Market Report.

The steel industry was the leading offtaker of solar open access with a share of 33.2%, followed by data centers (13.6%), cement (12.4%), mining (11.9%), and the chemical industry (10%) in 2024. Other industries, including fast-moving consumer goods, automobile, and dairy, constituted 19% of the total offtakers, according to Mercom India Research.

Mercom India is hosting the fourth edition of ‘C&I Clean Energy Meet’ in Pune, Maharashtra, on June 13, 2025. These clean energy meets aim to provide C&I businesses with the best industry insights and tools they need to adopt clean energy solutions and lower their power costs.