Metals and mining company Lloyds Metals will procure power from Hexa Climate’s  28.2 MW wind-solar hybrid power projects in Maharashtra.

Lloyds will acquire a 26% equity stake in special purpose vehicles (SPVs), Hexa Energy MH3 and Hexa Energy for ₹100 million (~$1.17 million) and Hexa Energy W2 for ₹120 million (~$1.4 million).

The wind-solar power project comprises an 8.4 MW wind power project and a 19.8 MW solar power project.

Lloyds Metals will ensure consumption of up to 51% of the power generated from the wind-solar hybrid project annually.

The acquired SPVs will become the company’s step-down subsidiaries.

The acquisition is expected to be completed by June 2025.

Lloyd Metals’ board approved the execution of share subscription and shareholders’ agreements for the projects, and a corporate guarantee to facilitate credit facilities from banks or financial institutions for $30 million (~₹2.5 billion).

It has also approved a ₹270 million (~$3.16 million) investment for acquiring up to a 30% stake in HR Godavari, an SPV formed jointly with Hinduja Renewables. The power procured from Hinduja Renewables will be used for captive consumption.

In FY 2025, Lloyds Metals consumed 6,980.67 joules of renewable energy.

The company has solarized borewells in Bande, Manger, Mallampadi, Karampalli, Zarewada, and Kudri, all in Maharashtra.

It has also utilized the parking space to generate solar power.

Lloyds Metals is investing ₹450 million (~$5.2 million) in two renewable energy projects to procure 100 MW of green power for captive consumption. The transition is expected to result in savings of up to ₹1 billion (~$11.7 million) for the company.

The projects will be executed in collaboration with Hinduja and with Amplus. The power will be used for its grinding units, slurry pipeline, and pellet plant operations.

In May 2025, Lloyds Metals signed two power purchase agreements with Hinduja Renewables for sourcing captive solar power. The first PPA is for 10.7 MW of solar power, and the second is for 50 MW.

In November 2024, Hexa Climate Solutions won the NTPC’s auction to supply 300 MW of firm and dispatchable power with assured peak power supply from interstate transmission system-connected renewable energy projects.