Cleanmax Solar Investing Rs 600 Cr For 150 MW Haryana Solar Plant

Cleanmax Solar is setting up 150 MW of solar farm under its group captive model in Haryana with an investment of Rs 600 crore.

Cleanmax Solar, one of the leading solar energy solution providers in the country, is setting up 150 MW of solar farm under its group captive model in Haryana with an investment of Rs 600 crore, according to the co-founder of the firm.

The solar farm will be developed in Sirsa district, on a stretch of 600 acres of land which is well situated for grid stability and to achieve high solar power generation. 

“In line with our target to set up nearly 400 MW of solar capacity this fiscal, nearly 80 percent would be met by private solar farms. We are developing this 150 MW project on group captive model as a part of this plan, which will entail an investment of around Rs 600 crore,” said Andrew Hines, Co-Founder, Cleanmax Solar.

A group captive scheme is where someone develops a power plant for the collective usage of many commercial consumers. The captive user should have at least 26 percent of the equity and has to consume at least 51 percent of the power produced. 

“The project will be funded through a combination of debt and equity. The equity component of Rs 200 crore will have to be contributed by the captive users to the extent of 26 percent, while the rest Rs 400 crore will be funded through debt,” he added. “This investment will also help the state to accelerate its renewable energy adoption, decarbonize its power sector, and also generate significant skilled employment in the area.”

The firm has received the sanction for the solar farms from the state’s Renewable Energy Department (HAREDA) and in-principle feasibility from the state transmission company HVPNL earlier this year, based on its technical and financial eligibility. 

“Now in Haryana, corporates can adopt off-site solar power in a hassle-free manner with minimum investment. We will be soon signing long term PPAs with the customers,” Hines said. 

In April, we reported that CleanMax Solar has raised Rs 275 crore in equity funding from UK Climate Investments (UKCI). UKCI will underpin the development of a nationwide network of solar farms following the agreement to invest £30 million in one of India’s leading providers of renewable energy for commercial and industrial clients, CleanMax Solar.