Prozeal Green Energy has signed a framework agreement with a European independent power producer (IPP) for the proposed divestment of a 100 MW AC solar power project in Gujarat, in a transaction valued at approximately ₹460 crore.
The proposed transaction is subject to the terms and conditions of the framework agreement and the execution of definitive transaction agreements. Completion is expected after the project achieves commercial operation, which is currently scheduled for 2027.
The agreement marks a potential expansion of the European power producer’s presence in India’s renewable energy market and reflects continued interest from international investors in utility-scale solar assets. For Prozeal Green Energy, the transaction forms part of its strategy to develop renewable energy projects alongside international partners while strengthening its position as both an independent power producer and an engineering, procurement and construction (EPC) services provider.
EPC and Operations Support to Continue
Under the proposed arrangement, Prozeal Green Energy is expected to undertake EPC services for the project and manage its long-term operations and maintenance (O&M). This structure would allow the company to remain involved in project execution and operational management even as ownership is proposed to be transferred to the European partner.
Prozeal currently has an ongoing IPP portfolio of 500 MW scheduled for commissioning by March 2027. The proposed Gujarat project adds to the company’s development activities as renewable energy investment continues to create opportunities across project development, construction and long-term asset management.
Manan Thakkar, Co-founder and Managing Director of Prozeal Green Energy, said the agreement reflects the company’s strategy of developing renewable energy projects in collaboration with international partners. He noted that the European partner’s reach and financial capacity could support Prozeal’s growth as an IPP.
Growing Demand for Renewable Power
The partnership comes amid increasing demand for renewable electricity among commercial and industrial (C&I) consumers in India. Businesses across energy-intensive sectors are increasingly looking at clean power solutions to meet their electricity requirements and sustainability objectives.
Thakkar highlighted the growing demand for renewable energy among C&I consumers and said the partnership had been structured to address these requirements.
The European IPP partner said Prozeal’s project execution track record and established relationships with industrial customers had been important factors behind the partnership. Its connections across sectors such as steel, chemicals and pharmaceuticals are expected to support the development of energy solutions for industrial consumers while expanding the European company’s activities in India.
The proposed transaction also illustrates how partnerships between Indian renewable energy developers and international power producers can combine local execution capabilities with international investment and financial resources.
Prozeal’s Expanding Renewable Energy Portfolio
Established in 2013, Prozeal Green Energy operates across the EPC and IPP segments of India’s renewable energy industry. The company has executed renewable energy projects across 22 Indian states and has developed capabilities spanning several clean energy technologies.
Its portfolio includes solar power, wind-solar hybrid projects, battery energy storage systems (BESS), green hydrogen, green ammonia and related derivatives. These activities position the company to participate in multiple segments of India’s energy transition, from utility-scale electricity generation to emerging energy storage and alternative fuel solutions.
The company’s ongoing 500 MW IPP portfolio, scheduled for commissioning by March 2027, represents a key component of its current development pipeline. The proposed Gujarat transaction adds another dimension to its business model by combining project development and construction services with the potential transfer of project ownership to an international investor.
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