Phoenix Mills invests in renewable energy via O2 Renewable XXVIII

* Phoenix Mills and its subsidiary Offbeat Developers Private Limited have entered into a Security Subscription and Shareholders’ Agreement (SSSA) with JSW Neo Energy Limited and O2 Renewable Energy XXVIII Private Limited to subscribe to Equity Shares and Series B Compulsory Convertible Debentures of O2 Renewable XXVIII. * This is to meet captive user requirements for purchasing renewable energy (electricity) generated from the captive generating plant. * Phoenix Mills and Offbeat have also signed a Power Purchase Agreement (PPA) with O2 Renewable XXVIII, where O2 Renewable XXVIII will supply solar power to them. * O2 Renewable Energy XXVIII Private Limited was incorporated on July 31, 2024, to develop and construct a solar power project as a captive generating station. * The object of the acquisition is to meet the requirements under the Electricity Act 2003 and Electricity Rules 2005 to hold a minimum of 26% shareholding to comply with captive status. * The acquisition is expected to be completed within 90 business days from the execution of SSSA. * The total consideration is ₹5,92,97,830. * Phoenix Mills will invest ₹28,19,780 by subscribing to 2,81,978 Equity Shares of ₹10 each and ₹2,53,78,000 by subscribing to 25,378 Series B Compulsory Convertible Debentures of ₹1,000 each. * Offbeat will invest ₹31,10,050 by subscribing to 3,11,005 Equity Shares of ₹10 each and ₹2,79,90,000 by subscribing to 27,990 Series B Compulsory Convertible Debentures of ₹1,000 each. * The shareholding of Phoenix Mills and Offbeat will not exceed 45% of the equity share capital of O2 Renewable XXVIII on a fully diluted basis.