Godrej Industries will procure renewable energy from Clean Max Kaze, a special purpose vehicle of CleanMax, which is setting up a wind-solar hybrid power project in Gujarat.

The hybrid project will supply power to Godrej’s factory in Valia.

Godrej has acquired a 26% equity stake in Clean Max Kaze by purchasing 2,600 equity shares at ₹10 (~$0.12) per share, aggregating to 26,000 (~$311).

The company plans a further investment of up to ₹7.59 million (~$91,080) in Clean Max Kaze by January 31, 2025.

Clean Max Kaze operates a mix of wind turbine generators and solar power projects in Gujarat to provide a contracted electricity quantity, aligning with Godrej’s sustainable and cost-effective energy goals.

According to Godrej’s Business Responsibility and Sustainability Report for 2023-24, approximately 56% of the company’s total energy consumption is derived from wind, solar, and biomass. It targets a 70% renewable energy share in its total energy consumption by 2024-25.

The company said it has installed rooftop solar systems and started wheeling wind energy from the Ambernath unit to reduce Scope 2 emissions.  At the Valia unit, it has e commissioned a biomass-based cogeneration plant.

Godrej said in the sustainability report that it consumed 10,04,651 GJ of renewable energy in 2023-24.

Godrej & Boyce, the flagship company of the Godrej Group, has joined the EP100, a global corporate energy efficiency initiative.

In November this year, APM Terminals Pipavav (Gujarat Pipavav Port) entered into a 25-year Power Purchase Agreement to procure power from CleanMax’s 4.56 MW wind-solar hybrid project. The project will deliver approximately 540 million kWh of electricity annually to power Gujarat Pipavav Port’s operations.

In the same month, HLE Glascoat acquired 26% equity shares of Clean Max Anchorage to procure power in a captive mode from 2.31 MW solar and 3.3 MW wind projects to be developed by CleanMax.