Solar engineering, procurement, and construction company Prozeal Green Energy has signed a power purchase agreement (PPA) with Grasim Industries for a 70 MW wind–solar hybrid power project.

The project, with an estimated value of $100 million, will have a capacity of 49.5 MW in Gujarat and 20.5 MW in Andhra Pradesh.

Grasim Industries plans to achieve 16% share of renewable energy in its overall energy mix by the financial year (FY) 2030.

As of FY 2025, around 6.5% of Grasim’s total energy consumption comes from renewable sources, and the company has achieved an 11% reduction in emissions intensity compared to its FY 2024 base.

Total renewable energy consumption has risen to more than 3.8 million MWh, indicating both a scale-up in green power procurement and increasing integration of renewables at plant level.

In September this year, Prozeal received approval from the Securities and Exchange Board of India for its initial public offering (IPO) of shares to raise ₹7 billion (~$78.89 million).

The IPO comprises a fresh issue of shares with a face value of ₹2 (~$0.023) each, aggregating up to ₹3.5 billion (~$40.91 million), and an offer for sale of shares with the same face value, also aggregating up to ₹3.5 billion (~$40.91 million).

Prozeal plans to utilize the net proceeds from the IPO for long-term working capital expenditures, investments in subsidiaries, debt repayment or prepayment, and general corporate purposes.

India added nearly 3.8 GW of solar open access capacity in the first half (1H) of 2025, an over 4% decrease from 3.9 GW installed in the same period of 2024, according to Mercom India’s Q2 2025 Solar Open Access Market Report.

Installations in 1H 2024 were higher, as many open access developers expedited project commissioning before the reimposition of the Approved List of Models and Manufacturers. However, installations for 1H 2025 saw a slight dip, mainly due to delays in connectivity approvals and the limited availability of transmission infrastructure in Q1.