Thermax invests ₹115 crore in renewable energy arm to boost green projects

10 Sep 2025 , 10:48 AM

Thermax Limited on Tuesday (September 9) announced an equity infusion of ₹115 crore in its wholly owned subsidiary, First Energy Private Limited (FEPL), to fund further investment in its step-down subsidiary, First Energy 10 Private Limited (FE10).

The allotment of equity shares in both FEPL and FE10 was completed on the same day, with Thermax acquiring 11.5 crore equity shares of ₹10 each in FEPL, and FEPL acquiring an equal number in FE10.

FEPL is incorporated in 2008. It provides renewable energy solutions including solar, wind, wind-solar hybrid, and storage batteries for commercial and industrial clients. It reported a turnover of ₹4,911.27 lakh in FY25, up from ₹1,551.30 lakh in FY23.

FE10, incorporated in March 2024, is a special purpose vehicle focused on new renewable energy projects and has not yet reported any turnover. Following the infusion, the paid-up equity share capital of FEPL stands at ₹646.31 crore, while FE10’s capital is ₹135 crore.

The company clarified that FEPL and FE10 are related parties, but promoters and group companies have no interest in them, and the transaction has been carried out on an arm’s length basis.

The investment, made entirely in cash, requires no governmental or regulatory approvals and will be used to support upcoming renewable energy projects under FE10.

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