Chemical and pharmaceutical industries equipment manufacturer HLE Glascoat will procure power in a captive mode from 2.31 MW solar and 3.3 MW wind projects to be developed by Clean Max Enviro Energy Solutions (CleanMax).

HLE Glascoat has acquired 26% equity shares of Clean Max Anchorage, amounting to 26,000 shares for ₹26,000 (~$308) at ₹10 (~$0.12) each.

The captive wind and solar projects will be set up in Gujarat, the company said in a BSE filing.

HLE Glascoat has been deploying renewable energy to reduce its carbon footprint.

The company has installed three wind projects with a cumulative installed capacity of 2.25 MW at Baradiya Gujarat and Madhya Pradesh. The company also has a solar power project in Maroli, Gujarat.

In its Annual Report 2024, HLE Glascoat said it had enhanced the utilization of renewable energy resources with dedicated cells monitoring the generation and utilization and reducing reliance on grid electricity. This initiative helped the company to achieve a 9.5% reduction in grid electricity consumption in the financial year 2023.

The company met 6.29% of its energy needs from renewable sources in 2023-24. The company used 7013.29 GJ of energy from renewable sources.

Technology company Google recently partnered with clean energy companies Adani Group and CleanMax to power its offices in India with renewable energy. Under the agreement, CleanMax will develop a 125.4 MW wind-solar hybrid project. The project comprises 66 MW of solar power in Rajasthan and 59.4 MW of wind power in Karnataka.

Digital infrastructure company Equinix recently announced it will procure power under a captive arrangement from 33 MW renewable energy projects to be set up by CleanMax to power its data centers in India. The two companies have signed a power purchase agreement for the projects.