Welspun to Procure Renewable Power from CleanMax Under Captive Model
Welspun has bought a 26% stake for ₹38 million in CleanMax Thanos
Textile company Welspun India 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.
The remaining 74% of the shareholding is held by the CleanMax Group.
As part of its commitment to environmental, social, and governance, the company entered into an agreement to obtain renewable energy through a captive model.
CTPL will establish a renewable energy project under the Gujarat government’s hybrid policy, and Welspun’s Vapi factory will procure energy from this project.
The CleanMax subsidiary is expected to commence renewable energy supply by March 31, 2023.
The subsidiary was incorporated by CleanMax as a special purpose vehicle in August last year, and the acquisition was completed by December 31, 2022.
Welspun said in a BSE filing, no governmental or regulatory approvals are required for the investment.
CleanMax is one of the leading renewable energy companies in the commercial and industrial (C&I) segment with 1 GW of operating renewable assets. The company is already working with more than 350 corporates for their renewable energy requirements.
CleanMax operates renewable energy assets including rooftop solar projects, solar farms, wind farms, and wind-solar hybrid farms.
Recently, CleanMax partnered 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.
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.
Earlier, UPL, a company providing solutions for sustainable agriculture, announced 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.
Last December, CleanMax had raised $34 million (~₹2.81 billion) in funding from the Danish Investment Fund for Developing Countries to expand its commercial and industrial (C&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.