Prozeal Green Energy has signed a framework agreement with a European independent power producer (IPP) to divest a 100 MW solar project in Gujarat for a transaction value of about Rs. 4.6 bn. The proposed deal remains subject to necessary approvals, the company said in a statement.

The project is currently scheduled to become operational in 2027. The transaction will involve the handover of the solar asset to the European entity under the framework agreement signed by the two parties.

Prozeal Green Energy said the partnership is intended to address increasing demand for renewable energy solutions in India’s commercial and industrial sector. The company’s co-founder and Managing Director, Manan Thakkar, said the proposed arrangement was structured to support those requirements.

The project forms part of the company’s renewable energy activities in Gujarat. Prozeal Green Energy operates as an IPP and also provides engineering, procurement and construction (EPC) services in the renewable energy sector.

The company did not disclose the identity of the European IPP or provide further details on the terms of the transaction. Completion of the proposed divestment will depend on securing the required regulatory and other approvals.

The agreement comes as commercial and industrial consumers in India increasingly seek renewable power solutions. The proposed transfer would give the European IPP ownership of a solar project with planned capacity of 100 MW once the transaction receives the necessary clearances and the asset is commissioned.