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					</table><p>Textile company <a href="https://www.welspunindia.com/" target="_blank" rel="noopener">Welspun India</a> has acquired a 26% stake in CleanMax Thanos (CTPL) for ₹38 million (~$458,713) to procure renewable energy through open access under the captive model.</p>
<p>The remaining 74% of the shareholding is held by the <a href="https://www.cleanmax.com/" target="_blank" rel="noopener">CleanMax Group</a>.</p>
<p>As part of its commitment to environmental, social, and governance, the company entered into an agreement to obtain renewable energy through a captive model.</p>
<p>CTPL will establish a renewable energy project under the Gujarat government&#8217;s hybrid policy, and Welspun&#8217;s Vapi factory will procure energy from this project.</p>
<p>The CleanMax subsidiary is expected to commence renewable energy supply by March 31, 2023.</p>
<p>The subsidiary was incorporated by CleanMax as a special purpose vehicle in August last year, and the acquisition was completed by December 31, 2022.</p>
<p>Welspun said in a BSE filing, no governmental or regulatory approvals are required for the investment.</p>
<p>CleanMax is one of the leading renewable energy companies in the commercial and industrial (C&amp;I) segment with 1 GW of operating renewable assets. The company is already working with more than 350 corporates for their renewable energy requirements.</p>
<p>CleanMax operates renewable energy assets including rooftop solar projects, solar farms, wind farms, and wind-solar hybrid farms.</p>
<p>Recently, CleanMax <a href="https://mercomindia.com/cleanmax-meta-invest-33-8-mw-renewable-projects-india/" target="_blank" rel="noopener">partnered</a> with global internet giant Meta to invest in 33.8 MW of new renewable energy projects in India. The projects will comprise 21.6 MW wind and 12.2 MW solar installations.</p>
<p>Last year, the two companies had announced an agreement for 32 MW of wind energy projects. CleanMax will own and operate the projects, while Meta will purchase 100% of the green attributes from the projects.</p>
<p>Earlier, UPL, a company providing solutions for sustainable agriculture, <a href="https://mercomindia.com/upl-cleanmax-develop-61-mw-wind-solar-hybrid-project/" target="_blank" rel="noopener">announced</a> a joint venture with CleanMax to establish a 61.05 MW wind-solar hybrid power plant in Gujarat. The hybrid captive power project will comprise 28.05 MW of solar and 33 MW of wind power systems.</p>
<p>Last December, CleanMax had <a href="https://mercomindia.com/cleanmax-raises-34-million/" target="_blank" rel="noopener">raised</a> $34 million (~₹2.81 billion) in funding from the Danish Investment Fund for Developing Countries to expand its commercial and industrial (C&amp;I) renewable energy portfolio. It has lined up new solar, wind, and wind-solar hybrid projects in Karnataka, Gujarat, Maharashtra, Haryana, Uttar Pradesh, and Tamil Nadu.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/rakesh-ranjan-parashar/" class="vcard author" rel="author"><span class="fn">Rakesh Ranjan</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Rakesh Ranjan,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener">More articles from Rakesh Ranjan.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="77" height="102" /><a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener"><strong style="color: #00b451">Rakesh Ranjan</strong></a> is a staff reporter at Mercom India. Prior to joining Mercom, he worked in many roles as a business correspondent, assistant editor, senior content writer, and sub-editor with bcfocus.com, CIOReview/Silicon India, Verbinden Communication, and Bangalore Bias. Rakesh holds a Bachelor’s degree in English from Indira Gandhi National Open University (IGNOU). <a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" rel="noopener noreferrer">More articles from Rakesh Ranjan.</a></p>
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Welspun to Procure Renewable Power from CleanMax Under Captive Model

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