Ahmedabad-based pharmaceutical company Concord Biotech has entered into a strategic agreement to acquire a 26% equity stake in Clean Max Everglades, a Clean Max Enviro Energy Solutions (CMEESPL) special purpose vehicle that is setting up a renewable energy project with a total capacity of 9.9 MW.

Concord Biotech will procure power in captive mode from the 6.6 MW wind and 3.3 MW solar project for its facility at Dholka, Gujarat.

The acquisition involves acquiring 26,000 equity shares at ₹10 (~$0.11) each, resulting in a 26% ownership stake for Concord Biotech. The shares are expected to be allotted within 90 days of the agreement.

The investment aligns with Concord Biotech’s sustainability goals, emphasizing carbon footprint reduction and compliance with environmental regulations. The company aims to reduce its carbon footprint by transitioning to renewable energy sources, contributing to global efforts to combat climate change.

Additionally, it offers long-term financial benefits, including a reduction in energy costs. This investment reinforces the Company’s commitment to environmental responsibility, ensuring compliance with evolving environmental regulations and supporting sustainable growth while enhancing operational efficiency.

According to its annual report for 2023-24, Concord has relied only on conventional energy sources for its operations. However, it said it has undertaken several initiatives to enhance energy efficiency and reduce emissions by installing requirement-based insulation and smart thermostats, centrifugal air compressors and water chillers, and windows, along with upgrades to the heating, ventilation, and air conditioning systems and LED lights.

In October 2024, another pharmaceutical firm Strides Pharma announced an investment of ₹16.1 million (~$191,495) to acquire a 2.48% stake in AMPIN Energy C&I One on a fully diluted basis to set up captive solar power projects in Tamil Nadu. This investment will help Strides procure solar energy from AMPIN’s Alathur facility in Chennai.

In the same month, Maharashtra-based pharmaceutical company JB Pharma said it sourced 12.1% of its energy needs from renewable sources in 2023-24. In its third Sustainability Report, the company said it had expanded its renewable energy use by sourcing power from solar and wind and installing rooftop solar systems.