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UPL, a company providing solutions for sustainable agriculture, announced a joint venture (JV) with Mumbai-based renewable energy company CleanMax Enviro Energy Solutions (CleanMax) to establish a 61.05 MW wind-solar hybrid power plant in Gujarat.
The hybrid captive power project will comprise 28.05 MW of solar and 33 MW of wind power systems.
The captive project will help mitigate 125,000 tons of carbon emissions annually.
UPL aims to increase the share of its renewable energy usage from 8% to 30% of its global power consumption.
With annual revenue exceeding $6 billion, UPL claims that it is focused on accelerating progress for the food system and currently functions in 130 countries. The company’s portfolio comprises biological and traditional crop protection solutions with over 14,000 registrations.
Speaking on the JV, Global CEO of UPL Jai Shroff said: “At UPL, we are committed to reimagining sustainability internally as well as with our farming partners. Ensuring we have access to reliable, clean energy will help us realize that vision as we significantly reduce our carbon footprint. We look forward to welcoming CleanMax to our OpenAg network through this partnership and are excited to be joining India’s green energy wave.”
Founder and Managing Director of CleanMax Kuldeep Jain 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.”
Last December, CleanMax raised $34 million in funding from the Danish Investment Fund for Developing Countries to expand its C&I renewable energy portfolio in India, the Middle East, and Southeast Asia. It has lined up new solar, wind, and wind-solar hybrid projects in Karnataka, Gujarat, Maharashtra, Haryana, Uttar Pradesh, and Tamil Nadu.
Earlier, CleanMax said that U.S.-based investment company Augment Infrastructure had acquired a majority stake in the company by investing ₹16.5 billion (~$222.23 million).