Mumbai-based solar glass manufacturer Borosil Renewables will procure wind-solar hybrid power from a 16.5 MW project to be developed by Clean Max Prithvi (CMPPL) in Gujarat.

The power generated from this facility will be supplied exclusively to Borosil Renewables under the rules governing captive power consumption.

Borosil has acquired a 49% equity stake in Clean Max Prithvi, a special purpose vehicle of Clean Max Enviro Energy Solutions, for ₹49,000 (~$586). The two companies will infuse a further ₹178.3 million (~$2.1 million) in CMPPL in one or more tranches to operationalize the hybrid power project.

The transaction, announced in a regulatory filing, complies with the Securities and Exchange Board of India regulations regarding listing obligations and disclosure requirements.

The company has ensured that all necessary disclosures related to this acquisition have been made in compliance with regulatory standards.

In 2022, Borosil completed the acquisition of an 86% stake in Interfloat Corporation and Glasmanufaktur Brandenbur, entities engaged in the solar glass manufacturing business, sales, and distribution, in Europe.

The same year,  Clean Max Enviro Energy Solutions partnered with internet company Meta to invest in 33.8 MW of new renewable energy projects in India.

Several companies in India’s commercial and industrial (C&I) sector are transitioning to using clean energy sources to cut their energy costs, reduce their carbon footprint, and become more sustainable.

Mercom India has been hosting C&I Clean Energy Meets, with the next event scheduled for November 15, 2024, in Bhubaneswar. These must-attended industry sessions provide crucial information needed to make critical business decisions. Attendees can get insights into the financing and deployment of green energy projects at scale, hear from industry experts who share their experience and expertise, and engage with industry experts and delegates who hold influential renewable energy positions.