Refex Renewables Subsidiary Bags ₹65.07 Crore Salem Municipal Project, in Tamil Nadu

Refex Green Power Limited, a wholly owned subsidiary of Refex Renewables & Infrastructure Ltd, has been awarded a municipal solid waste project by Salem City Municipal Corporation, Tamil Nadu. The project is valued at ₹65.07 crore.

As of 9:30 AM on April 3, Refex Renewables & Infrastructure share price was trading at ₹653.90, a 0.77% down for the day, 10.07% over the past month, but down 27.80% in the last six months.

Scope and Terms

The project involves the establishment of a 200 TPD (tonnes per day) Bio-CNG plant, based on municipal solid waste. It will be carried out under the Public-Private Partnership (PPP) model. The agreement follows the Design, Build, Finance, Operate, and Transfer (DBFOT) framework.

Refex Renewables has stated that the transaction does not involve any related parties. Neither the promoter, promoter group, nor group companies have any interest in the awarding authority.

Timeline for Execution

According to the company, the Letter of Acceptance (LoA) was dated March 28, 2025, and received on April 1, 2025. The Concession Agreement is expected to be signed within 30 days from the date of the LoA. The Scheduled Commissioning Date (SCD) for full project capacity is 19 months from the date the concession agreement is executed.

Refex Renewables

The company is engaged in engineering, procurement, and construction (EPC) services related to solar power infrastructure, including ground-mounted solar plants, solar pumps, and home systems.

Refex Renewables reported a consolidated net loss of ₹10.45 crore for the quarter ended 31 December 2024, compared to a net loss of ₹8.54 crore in the same period the previous year. Revenue from operations declined 22.6% year-on-year, falling to ₹15.90 crore in Q3 FY25.

Conclusion

The project adds to Refex Green Power’s portfolio in the waste-to-energy space, with execution timelines and concession terms now in place.

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