RSWM Limited on Friday (October 31) said it has entered into investment agreements with Adani Solar Energy Jodhpur Six Limited and Adani Renewable Energy Forty One Limited to secure 60 MW of solar-wind hybrid power under the green open-access route.
The move follows the company’s earlier disclosure on October 30 regarding the enhancement of its renewable power procurement plan from 25 MW to 60 MW. As per the agreements, RSWM will subscribe to a minimum 26% equity stake in the respective project SPVs, in one or more tranches, to comply with captive power regulations.
Under the arrangement, Adani Renewable Energy Holding Eighteen Limited will hold 74% in Adani Solar Energy Jodhpur Six Limited after phase completion, while RSWM will hold the remaining 26%. Similarly, Adani Renewable Energy Holding Four Limited will retain 74% in Adani Renewable Energy Forty One Limited, with RSWM owning 26%.
The agreements provide Adani holding entities the right to appoint all directors in the generator SPVs, while neither of the Adani entities will have board rights in RSWM. The company confirmed that the transaction does not fall under related-party transactions.
The execution of these agreements enables captive renewable energy supply to RSWM facilities, aligned with the company’s sustainability and energy efficiency goals.
