Godrej Industries to Procure Hybrid RE Power from CleanMax in Gujarat
Godrej Industries Ltd. (GIL) has partnered with Clean Max Enviro Energy Solutions (CleanMax) to procure hybrid renewable energy for its Valia, Gujarat factory, acquiring a 26 percent stake in the Clean Max Kaze SPV. Further investment of up to INR 7.59 crore by January 2025 is planned.
December 19, 2024. By Mrinmoy Dey
The company has acquired a 26 percent equity stake in Clean Max Kaze, a special purpose vehicle (SPV) set up by CleanMax by purchasing 2,600 equity shares of the face value of INR 10 each for a consideration of INR 26,000.
The company has plans to further invest up to INR 7.59 crore by way of subscribing to Rights issue based on the Valuation Report by January 31, 2025.
“The company had made this investment for setting up a renewable energy project, in accordance with Gujarat Renewable Energy Policy 2023, for using alternate hybrid renewable power (wind and solar) at the Valia factory of the company situated in Gujarat,” informed the company in an exchange filing further adding that the board earlier approved investments of up to INR 10 crore for setting up RE projects.
It further noted that the company will benefit from cost savings, gain access to green power, and enjoy lower rates compared to the power grid.
Clean Max is in the business of developing wind-solar hybrid power generation facilities in the state of Gujarat and is having wind turbine generators and solar power plants to supply the contracted quantity of electricity.
In October, Google announced a collaboration with CleanMax to develop a 125.4 MW hybrid project, consisting of 66 MW solar generation capacity in Rajasthan and 59.4 MW of wind generation capacity in Karnataka.
In November, APM Terminals Pipavav (Gujarat Pipavav Port Ltd) announced a partnership with CleanMax to procure wind-solar hybrid power in Gujarat under a third-party open access model.
In November 2024, CleanMax signed a PPA with Equinix to supply RE power to the latter’s data centres in Mumbai. The captive power projects, which comprise 26.4 MWp of solar capacity and 6.6 MW of wind capacity, are set to become operational in phases in 2025.
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