Thermax has invested Rs 1.15 billion in its wholly-owned subsidiary, First Energy (FEPL), to support further investment in its step-down subsidiary, First Energy 10 (FE10). The allotment of equity shares in both companies was completed on the same day.

The capital infusion will aid new renewable energy projects to be executed by FE10. The transaction, completed in cash consideration, involved Thermax acquiring 110.5 million equity shares of Rs 10 each in FEPL, which in turn invested the same amount in FE10. The company clarified there is no change in shareholding or control.

FEPL, incorporated in 2008, provides renewable energy solutions including solar, wind, hybrid, and storage for the commercial and industrial sectors. It reported a turnover of Rs 4,911.27 lakh in FY25, up from Rs 1,551.30 lakh in FY23. FE10, incorporated in March 2024, serves as a special purpose vehicle for upcoming renewable projects.