1. CBG scale-up - Salem, Madurai, Coimbatore 700 TPD awarded - Refex Green Power Limited won three 20-year PPP tenders for MSW-based Bio-CNG plants at Salem (200 TPD), Coimbatore (250 TPD), and Madurai (250 TPD), with Letters of Acceptance received in March-April 2025. These secured projects alone lift planned CBG output capacity to 45 MT/day, a 12x jump from the current 3.5 MT/day operating peak, backed by guaranteed municipal feedstock supply.
2. CBG expansion - Spectrum Renewable Energy acquisition completed - Refex Sustainability Solutions acquired 91.43% of Spectrum Renewable Energy Private Limited (SREPL) in three tranches by March 30, 2026, with the remaining 8.57% stake purchase underway. SREPL brings a 100 TPD press-mud-based CBG plant operating since 2012, adding immediate revenue and a second, non-MSW feedstock capability to the CBG segment.
3. Utility-scale solar - 100 MW NTPC project under development - Refex Green Power won a 100 MW solar project from NTPC Limited in FY25, with a scheduled commissioning deadline of 24 months from the PPA effective date. This single project is larger than the company’s entire existing O&M portfolio of 127.5 MWp and, once commissioned, adds a utility-scale revenue stream with a sovereign counterparty.
4. CBG expansion - Tiruchirappalli 100 TPD consortium win - A consortium led by Ourland Engineering Works (51%) with Spectrum Renewable Energy (49%) won a 100 TPD MSW-based Bio-CNG plant tender from Tiruchirappalli City Corporation, with the Letter of Acceptance dated September 22, 2025. The ₹28 crore project has a scheduled commissioning deadline of 19 months from the concession agreement, adding a fourth Tamil Nadu city to the CBG portfolio.
5. Fertilizer vertical - Biodhanic organic manure brand launched - The company launched its ‘Biodhanic’ brand of fermented organic manure and bio-fertilizers on September 18, 2025, targeting domestic and international markets. Commercializing the manure by-product from CBG plants turns a waste stream into a second revenue line, improving unit economics as CBG capacity scales.
6. Non-core asset disposal - Flaunt Solar stake sale - Refex Green Power approved the sale of its 74% stake in Flaunt Solar Energy Private Limited at face value, with the buyer being a non-promoter entity. Exiting a subsidiary with negative fair value and a turnover of ₹3.9 crore removes a drag on consolidated net worth and simplifies the corporate structure ahead of CBG-focused growth.