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HLE Glascoat to Procure 5.61 MW Wind-Solar Hybrid Power from CleanMax

Gujarat-based HLE Glascoat, a manufacturer of process equipment for the chemical and pharmaceutical industries, has partnered with Clean Max Enviro Energy Solutions to procure captive wind-solar hybrid power. It has acquired a 26 percent stake in a CleanMax SPV developing a 2.31 MWp solar and 3.3 MW wind project in Gujarat.

November 16, 2024. By Mrinmoy Dey

Gujarat-based HLE Glascoat, a manufacturer of process equipment for the chemical and pharmaceutical industries, has announced that it will procure captive wind-solar hybrid power from Clean Max Enviro Energy Solutions (CleanMax).

As part of this, HLE Glascoat has acquired 26 percent of equity share in Clean Max Anchorage, a special purpose vehicle (SPV) which will develop a 2.31 MWp solar and 3.3 MW wind captive plant.

The Board of Directors of the company has approved the Definitive Agreements with Clean Max Enviro Energy Solutions Pvt. Ltd. (Clean Max) and Clean Max Anchorage Pvt. Ltd. (CMAPL), whereby the company would acquire 26 percent equity shares of CMAPL from Clean Max. This investment is intended for the purpose of developing a captive power facility in the state of Gujarat having a solar capacity of 2.31 MWp and a wind capacity of 3.30 MW,” informed HLE Glascoat in an exchange filing.

HLE Glascoat’s Annual Report 2024 highlights its efforts to boost renewable energy usage through dedicated monitoring cells, resulting in a 9.5 percent reduction in grid electricity consumption during the 2023 financial year. In 2023-24, renewable sources accounted for 6.29 percent of the company’s energy needs, totalling 7,013.29 GJ.

In the recent past, CleanMax has entered into agreements with various companies in the C&I segment to supply captive RE power. A few days back, the company announced that it entered into an agreement with Equinix, Inc. to supply 33 MW of Captive Power to Equinix’s data centres in Mumbai.

Last month, Google announced that it has collaborated with CleanMax to support Google’s decarbonisation strategy in India. Under that agreement, CleanMax will develop a 125.4 MW hybrid project, consisting of 66 MW of solar generation capacity in Rajasthan and 59.4 MW of wind generation capacity in Karnataka.

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