Lloyd Metals to invest in wind-solar hybrid projects in Maharashtra

Lloyd Metals and Energy Limited is expanding its renewable energy portfolio. The company’s Board of Directors has approved signing a Share Subscription and Shareholders Agreement (SSSHA) with Hexa Climate Solutions Private Limited.

Under this agreement, Lloyd Metals will invest Rs 120 million in Hexa Energy W2 Private Limited and Rs 100 million in Hexa Energy MH3 Limited. These are special purpose vehicles (SPVs) of Hexa Climate. In return, Lloyd will acquire a 26 per cent equity stake in each SPV.

Hexa MH3 will develop 8.4 MW of wind power. Hexa W2 will build a 19.8 MW (27.72 MWp) solar power project. Together, these projects will supply up to 51 per cent of their power to Lloyd Metals on a captive basis in Maharashtra.

In addition, the Board has approved raising Lloyd’s equity stake in HR Godavari Private Limited. This SPV is backed by Hinduja Renewables Energy Private Limited. The stake will increase from 26 per cent to 30 per cent. HR Godavari is setting up a 60.7 MW (86.05 MWp) solar power project for captive consumption.