Borosil Renewables, Clean Max in Deal For 16.50 MW Hybrid Power

Borosil Renewables Completes Buying 49% Stake in Clean Max Prithvi

Borosil Renewables has now completed buying a 49 percent stake in Clean Max Prithvi Private Limited (CMPPL), a subsidiary of Clean Max. CMPPL was incorporated on March 14, 2023. The company has set out to construct and operate hybrid solar and wind power plants.

CMPPL has not yet initiated its operations; however, its acquisition is expected to increase the energy supply of Borosil Renewables.
“It is not a related party transaction; there is no interest from promoters or group companies in CMPPL,” according to the official filing. The acquisition amounts to Rs. 49,000. Here, Borosil Renewables is acquiring 4,900 equity shares of CMPPL at Rs 10 each, which amounts to a 49% stake. the acquisition is a statutory requirement for captive and or open access power purchase in India with the developer retaining a majority stake, while customers buy stakes as per their proportion of purchase.

Consequently, CMPPL has become an associate company of the Company,” the company said.

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Subsequent to the aforesaid acquisition, the Shareholders’ Agreement has been entered into amongst the Company, CMPPL and CMEESPL, in terms of which, the Company has agreed to invest about Rs. 17.83 crores in CMPPL, in one or more tranches.

CMPPL will commission 16.50 MW hybrid solar-wind power plant at Gujarat. It has planned to utilize the power thus produced to meet its captive requirement of Borosil Renewables. This will enable Borosil Renewables consume renewable power that might reduce the cost of energy.

The filing stated, “For acquisition, no governmental or regulatory approval is required. This is expected to be completed within two months.” Both Borosil Renewables and its partner Clean Max Enviro Energy Solutions Private Limited (CMEESPL) will further invest in equity in CMPPL. The future investments are likely to be done in various stages amounting to Rs 17.83 crore.

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