Material sciences engineering solutions provider Carborundum Universal (CUMI) has signed a power purchase agreement with Putrim Renewables, a special purpose vehicle (SPV) of renewable energy solutions provider Cleantech Solar, to procure power from an 18 MW solar project in Thoothukudi, Tamil Nadu.

CUMI said the investment will help it increase the power consumption of its Tamil Nadu manufacturing facilities from renewable energy sources such as solar energy.

The company will also enter into a share subscription and shareholders’ agreement (SSSHA) with Cleantech Solar and Putrim to acquire 29.58% of the equity shares in the SPV for consideration of approximately ₹64.8 million (~$694,875.02).

The acquisition is expected to be completed within 60 days.

In 2024, CUMI invested ₹80 million (~$954,426) for a 4.19% stake in New Delhi-based Grian Energy (GEPL), which was setting up a renewable energy project. The investment would allow CUMI to access the contracted capacity of around 10 MW in GEPL’s captive power project, for which it has entered into a power purchase agreement.

The company aims to increase the share of renewable energy in its power mix to 50% by 2030. In its 2024-2025 annual report, the company said that its subsidiary, Southern Energy Development Corporation, aims to expand its solar business rather than renew its gas supply contract. CUMI has installed 3.3 MW of rooftop and ground-mounted solar systems.  It has a 12 MW operational hydroelectric project in Kerala, wheeling power to CUMI’s facilities in the state.

Commercial and industrial (C&I) enterprises can benefit significantly from integrating renewable energy into their power mix. series of C&I Clean Energy Meets in several cities. These events provide a platform for clean energy developers and representatives of C&I units and banks to discuss power requirements, cost benefits, challenges, opportunities, and solutions. The next C&I meet will be held in Mumbai on April 16, 2026.