Borosil Renewable In Deal With Clean Max For Green Energy

Borosil Renewables Plans To Go For Fund Raise

Indian solar glass manufacturer Borosil Renewable has announced acquiring 49 percent stake in Clean Max Prithvi Pvt Ltd (CMPPL) and Clean Max Enviro Energy Solutions Pvt Ltd. The Mumbai-based company in its recent filing before the Bombay Stok Exchange (BSE) said. Indian open access law requires offtakers to acquire proportionate stakes in firms supplying green energy to them. Developers therefore set up subsidiaries for each specific project in the C&I sector.

CMPPL was incorporated on March 14, 2023. The renewable energy generation is yet to commence its operations. As per the agreement between the two companies, CMPPL will provide its green power emanating from its hybrid solar and wind projects from Gujarat for the captive needs of Borosil Renewable.

“CMPPL would develop and maintain a Hybrid Solar – Wind power plant of 16.50 MW in the state of Gujarat, from which the power generated will be supplied exclusively to the Company as per the Rules of Captive power consumption. This will enable the Company to consume renewable power (as a captive user) generated by CMPPL,” Borosil Renewable said in its filing.

The acquisition process is likely to be complete the process of acquisition in the next two months.. “The Company will initially acquire 4,900 equity shares of the face value of Rs.10/- each (49% stake of paid up share capital) in CMPPL from Clean Max Enviro Energy Solutions Private Limited (“CMEESPL”) for a consideration of Rs. 49,000,” the company said.
It also added, “Both the shareholders viz. the Company and CMEESPL will be required to infuse further funds in CMPPL (in proportion to their shareholding) for setting up the aforesaid hybrid power plant. Accordingly, the Company plans to further invest, in one or more tranches, about Rs.17.83 crore in CMPPL.”