Excel Industries Limited has entered into a share subscription cum shareholders agreement with First Energy Private Limited and First Energy 7 Private Limited on 15th September, 2023.

As per the agreement, the company will acquire not less than 26% of equity share capital of First Energy 7 Private Limited, the Special Purpose Vehicle (SPV) formed for constructing captive solar power plants.

On August 11, 2023, the Board of Directors of Excel Industries Limited had granted approval for entering into Share Subscription cum Shareholders Agreement with First Energy Private Limited and First Energy 7 Private Limited.

The name of the target entity is First Energy 7 Private Limited which was incorporated on March 26, 2023 in India and is a wholly owned subsidiary of First Energy Pvt. Ltd., which in turn is a wholly owned subsidiary of Thermax Limited. First Energy 7 has been set up to develop and operate a captive power plant on ‘built-own-operate’ basis and to undertake business and meet the captive consumption requirements of the captive user. The paid-up capital of First Energy 7 is Rs. 1 lakh.

First Energy 7 is a special purpose vehicle formed for the purpose of setting up a solar power project in Maharashtra. First Energy 7 is engaged in the business of developing, owning and operating renewable energy infrastructure for supplying electrical power generated using solar energy to commercial and industrial customers.