UPL to form JV with CleanMax Enviro Energy Solutions

UPL announced a joint venture with CleanMax Enviro Energy Solutions to establish a hybrid solar-wind energy power plant of 61.05 megawatt (MW) in Gujarat, India.

Under this JV, the companies will set-up and operate a hybrid captive power plant with a capacity of 28.05 MW of solar power and 33 MW of wind power. This project will enable UPL to increase its renewable energy usage to 30% of its total global power consumption against 8% currently.

Due to their complementary nature, wind solar hybrid power plants are highly efficient, providing reliable and continuous power supply that helps to effectively manage power loads. The project will lead to carbon abatement of 1.25 lakh tonnes of CO2 equivalent per annum.

Kuldeep Jain, founder & managing director at CleanMax said, This 61.05 MW captive wind solar hybrid project is a part of a larger wind solar hybrid farm developed by CleanMax in Gujarat. The overall capacity of the CleanMax wind solar hybrid farm stands at over 400 MW; comprising 230 MW wind and 180 MW solar; leading to carbon abatement of 8.75 lakh tonnes of CO2 equivalent per annum.

Meanwhile, the company has acquired 26% shareholding in Clean Max Kratos. Clean Max Kratos is engaged in solar/wind power generation. UPL initially acquired 2,600 shares of Rs10 each, 26% stake in Clean Max Kratos for a consideration of Rs 26,000. It will further invest about Rs 39.60 crore in one or more tranches.

Clean Max Kratos will develop and maintain a hybrid 28.05 MW of solar and 33.00 MW of wind power project under the captive model. This project will enable UPL to increase its renewable energy usage to 30% of its total global power consumption from current level of 8%. The acquisition is expected to complete within 30 days. Post completion of the acquisition, Clean Max Kratos will become associate of the company.

UPL is a global provider of sustainable agriculture products & solutions.

The company reported 29% rise in consolidated net profit to Rs 877 crore on a 27% increase in revenue to Rs 10,821 crore in Q1 FY23 over Q1 FY22.

The scrip rose 3.95% to end at Rs 769.50 on the BSE today.

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