Refex Unit Buys 91.43% of Spectrum Renewable Energy, Taps Bio-Gas Market

Refex Sustainability Solutions Limited (RSSL), a subsidiary of Refex Renewables & Infrastructure, has acquired a 91.43% equity stake in Spectrum Renewable Energy Private Limited (SREPL). The acquisition was finalized on March 30, 2026.

SREPL operates a facility in Kolhapur producing Compressed Bio-Gas (CBG) and organic manure from biodegradable waste. This move marks a significant expansion for Refex into the bio-energy sector.

The Acquisition Details

Refex Renewables & Infrastructure announced the completion of the acquisition through its wholly-owned subsidiary, Refex Sustainability Solutions Limited (RSSL). The transaction, finalized with the last tranche on March 30, 2026, represents a key step in RSSL's strategy to grow its renewable energy and waste management operations.

SREPL's business includes a Compressed Bio-Gas (CBG) and organic manure generation plant in Warananagar, Kolhapur, which uses biodegradable waste. RSSL plans to acquire the remaining 8.57% equity stake in SREPL, as outlined in the Share Purchase Agreement.

Significance for Refex Renewables

This move positions Refex Renewables more strongly in India's growing Compressed Bio-Gas (CBG) market. CBG is increasingly important for India's renewable energy transition, providing a sustainable alternative to fossil fuels.

Through its controlling stake in SREPL, Refex Renewables adds established CBG and organic manure production capabilities to its business. This diversifies the company's offerings beyond its core EPC solar business.

Previous Moves into Bio-Energy

Refex Renewables has been actively building its renewable energy presence. In December 2024, its subsidiary RSSL acquired a 51.03% stake in Vyzag Bio-Energy Fuel, a move that signaled its strategic entry into the CBG sector.

The CBG sector in India is experiencing significant growth, driven by government programs like the SATAT scheme and the national focus on cleaner energy.

Key Developments Post-Acquisition

With this acquisition, Refex Renewables, via RSSL, now holds a significant controlling stake in SREPL. This integrates SREPL's CBG and organic manure production capabilities into Refex's operations.

The move aims to diversify the company's revenue streams and enhance its position in the sustainable energy market. Refex expects to utilize SREPL's existing infrastructure and operational expertise.

Potential Challenges Ahead

A key development to watch will be the acquisition of the remaining 8.57% stake in SREPL.

The successful integration of SREPL's operations and meeting projected growth targets for its CBG and organic manure business will be critical.

Operational performance and market acceptance of SREPL's products will ultimately shape the success of this strategic initiative.

Industry Landscape

Refex Renewables is entering a competitive field. Major players like Reliance Industries and Adani New Industries Limited are also planning substantial investments and expansions in the CBG sector. Oil Marketing Companies (OMCs), including Indian Oil, BPCL, and HPCL, are actively participating through schemes like SATAT, highlighting broad industry focus on CBG development.

Spectrum Renewable Energy Metrics

• Spectrum Renewable Energy Private Limited (SREPL) reported a turnover of ₹2.62 crore for the fiscal year 2023-24.
• SREPL has a paid-up equity share capital of ₹46.10 crore.

Investor Focus Areas

Investors will monitor the completion of RSSL's planned acquisition of the remaining 8.57% stake in SREPL.

Progress in integrating SREPL’s operations and its financial performance within Refex's consolidated structure will be closely watched.

Further announcements on capacity expansion or new projects for SREPL's CBG and organic manure business will also be of interest. Updates on RSSL's strategy to leverage SREPL's assets and market position will serve as key indicators.