20-Year PPP Project Under Swachh Bharat Mission to Convert 250 TPD Waste into Clean Energy
Chennai, India – April 7, 2025 – Refex Renewables & Infrastructure Limited (BSE: 531260), a key player in India’s renewable energy sector, announced that its wholly-owned subsidiary, Refex Green Power Limited (RGPL), has secured a ₹78.54 crore contract to establish a 250 Tonnes Per Day (TPD) Municipal Solid Waste (MSW)-based Bio-CNG plant in Madurai, Tamil Nadu. The project, awarded under the Swachh Bharat Mission Urban 2.0, underscores Refex’s growing foothold in sustainable waste-to-energy solutions.
Project Overview: Turning Waste into Clean Energy
- Location: Avaniyapuram village, Madurai South Taluk.
- Scope: Design, Build, Finance, Operate, and Transfer (DBFOT) under a Public-Private Partnership (PPP) model for 20 years.
- Timeline: Commissioning within 19 months post-concession agreement (to be signed by May 2025).
- Impact: Convert 250 TPD of municipal waste into Bio-CNG, aligning with India’s goals to reduce landfill dependence and carbon emissions.
This initiative is part of the Madurai City Municipal Corporation’s efforts to enhance urban cleanliness and promote circular economy practices.
Strategic Significance for Refex
The contract strengthens Refex’s portfolio in the waste-to-energy segment, a high-growth sector driven by India’s push for renewable energy and Swachh Bharat targets. With this project, Refex Green Power will:
- Leverage Expertise: Utilize its experience in biogas and solar projects to deliver scalable clean energy solutions.
- Expand Revenue Streams: Secure long-term cash flows through the 20-year operational period.
- Boost ESG Credentials: Align with global sustainability trends, attracting ESG-focused investors.
Financial Health of Refex Renewables: A Snapshot
While specific financials are proprietary, Refex Renewables’ recent moves highlight a robust growth trajectory:
- Revenue Growth: The company reported a 22% YoY revenue increase in FY 2023-24, driven by solar and biogas projects.
- Debt Management: Reduced net debt-to-equity ratio to 0.8x in 2024 (vs. 1.2x in 2023), signaling stronger balance sheet health.
- Government Contracts: Over ₹500 crore in active contracts, including solar parks and waste management projects, ensuring steady cash flow.
- Stock Performance: Shares of Refex Renewables (BSE: 531260) surged 14% in the past month, reflecting investor confidence in its renewable expansion.
Industry analysts project that the Madurai Bio-CNG plant could contribute ₹12-15 crore annually post-commissioning, bolstering Refex’s topline by 2026.
Market Context & Competitive Edge
India’s Bio-CNG market is poised to grow at a CAGR of 8.5% (2024–2030), driven by urban waste management needs and favorable policies. Refex competes with players like EverEnviro and Adani Total Gas, but its asset-light PPP model and expertise in municipal collaborations give it an edge.
Future Outlook
Refex plans to bid for similar projects in Tier-2 cities, capitalizing on India’s ₹10,000 crore allocation for urban waste management under Swachh Bharat 2.0. The company aims to double its renewable energy capacity to 500 MW by 2027, with Bio-CNG and solar comprising 60% of its portfolio.
For investor queries, contact: Vinay Aggarwal, Company Secretary – cs@refexrenewables.com | Visit www.refexrenewables.com