Concord Biotech to Procure 9.9 MW Wind-Solar Hybrid Power from CleanMax

Ahmedabad-based pharmaceutical company Concord Biotech has announced that it will procure 9.9 MW wind-solar hybrid power from Clean Max Enviro Energy Solutions (CleanMax) for its manufacturing plant located at Dholka, Gujarat through a captive arrangement.

The company has entered into a Share Purchase Agreement with Clean Max Everglades, a project-specific special purpose vehicle (SPV) and CleanMax, to acquire 26 percent equity shares of the SPV from CleanMax.

This will involve the transfer of 2600 equity shares of the SPV by CleanMax at a price of INR 10 each to Concord Biotech.

“This investment is intended for the purpose of developing a captive power generation facility for the company, under the group captive power policy,” the company stated in a regulatory filing.

It will have a wind capacity of 6.6 MW and a solar capacity of 3.3 MWp DC.

“Investing in renewable energy aligns with the company’s commitment to sustainability and it’s focused efforts to address environmental challenges. By transitioning to renewable energy sources, the company will reduce its carbon footprint, contributing to global efforts to combat climate change,” the company said.

It’s important to note here that it’s the company's first investment in renewable energy. As per the company’s Annual Report 2023-24, the company has consumed about 493,019.84 GJ of energy – all from non-renewable sources.

The company further added, “Additionally, renewable energy offers long-term financial benefits, including reduction in energy costs. This strategic investment reinforces the company’s commitment to environmental responsibility, ensuring compliance with evolving environmental regulations, and supporting sustainable growth while enhancing operational efficiency.”

Looking at other such recent developments from the Pharmaceutical industry, in October 2024, Bengaluru-based Strides Pharma invested INR 1.61 crore for a 2.48 percent stake in AMPIN Energy C&I One to procure solar power for its Chennai facility via a group captive arrangement.

Last month, UltraTech Cement partnered with CleanMax to procure renewable energy in a captive mode from a 55 MW wind-solar hybrid project in Karnataka. Further, Godrej Industries announced that it will procure hybrid renewable energy from CleanMax for its factory located in Valia, Gujarat.