Ahmedabad, 06th September 2024: Ahmedabad-headquartered Prozeal Green Energy Limited, a pioneer of green energy in India, and Golyan Power Limited, a leading corporate group in Nepal, have signed a joint venture agreement for setting up solar power projects in the Himalayan nation. The agreement was signed during a formal ceremony at Golyan Group Headquarters in Kathmandu, marking a significant milestone in both companies’ commitment to advancing renewable energy solutions.

The JV agreement was signed on Tuesday by Mr. Shobit Rai, Director of Prozeal Green Energy, and Mr. Akshay Golyan, Director of Golyan Power in the presence of key executives from both organisations. The partnership underscores a shared vision to contribute meaningfully to a cleaner and greener future for Nepal.

This joint venture – Prozeal Green Energy Nepal – aims to establish over 500 MW of solar energy projects across multiple locations in Nepal over the next 18 months. Prozeal Green Energy will hold a 60% stake in the JV and Golyan Group will hold 40% stake.

Commenting on the partnership, Mr. Shobit Rai, Director of Prozeal Green Energy said,This joint venture between Prozeal Green Energy and Golyan Group represents a powerful alliance between Nepal and India, uniting our expertise to lead the global decarbonization movement. Together, we’re setting new benchmarks for clean energy and sustainability in Nepal.

Mr. Akshay Golyan, Director of Golyan Power, said,Nepal is growing rapidly in the renewable energy sector and I am confident that this partnership will open up new avenues for both entities. We have come together through our shared vision and the massive possibilities ahead.

The joint venture will develop both solar rooftop and ground-mounted photovoltaic (PV) solar plants. The energy produced from these projects will be sold to the Nepal Electricity Authority (NEA) and various commercial and industrial consumers.

As per the joint venture agreement, Prozeal Green Energy will lead as the EPC (Engineering, Procurement, and Construction) development company, leveraging its extensive expertise in the renewable energy sector, while Golyan Group will focus on business development, land acquisition and financing.