Nuvoco Vistas Corporation Ltd. is set to acquire a 26% stake in Clean Max Enviro Energy Solutions Ltd.'s special purpose vehicle (SPV) arm, according to an exchange filing by the company on Tuesday.
Nuvoco will be buying capital in Clean Max Ilgohp Private, the filing outlined, for the purpose of setting up the hybrid renewable energy supply plant at Bhikamkhore, Rajasthan.
"We hereby inform that upon finalisation of all the terms and conditions, the Company has today executed Share Purchase Agreement and other definitive agreements (viz., Shareholder Agreement, Energy Supply Agreement and other ancillary agreements), with Clean Max Enviro Energy Solutions Limited for acquiring 26% of the share capital of Clean Max Ilgohp Private Limited (“SPV”), for the purpose of setting up the hybrid renewable energy supply plant at Bhikamkhore, Rajasthan," the filing stated.
Nuvoco has partnered with Clean Max Enviro Energy Solutions for a 46.4 MW wind-solar hybrid renewable energy project in Rajasthan. The initiative will support Nuvoco's cement operations with cleaner power and strengthen the Company's long-term renewable energy and decarbonisation strategy, according to the company's press release.
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The project will be developed at Bhikamkhore, Rajasthan by CleanMax, an Independent Power Producer (IPP), and is intended to increase the share of renewable energy in Nuvoco's power consumption, thereby lowering fossil-fuel consumption and associated emissions.
"It will comprise 20 MW of wind capacity and 26.4 MWdc of solar capacity including a 2-MWh Battery Energy Storage System (BESS). Power generated from the project will be supplied to Nuvoco through the State Transmission Utility (STU) Open Access network," the company outlined.
According to the release, the initiative is expected to help avoid approximately 1,25,485 tonnes of carbon emissions annually and, once operational, the hybrid project is expected to generate approximately 100 million units (MU) of renewable electricity annually.
Jayakumar Krishnaswamy, Managing Director, Nuvoco Vistas commented on the development and said, "“This marks an important step in advancing Nuvoco's journey towards more sustainable and resilient operations. Our collaboration with CleanMax will increase the share of renewable energy across our Rajasthan operations, strengthening our energy mix while improving long-term cost efficiency and reducing our dependence on conventional power sources."
He added that initiatives such as these reinforce the company's commitment to operational excellence and responsible growth, while supporting its vision of building a safer, smarter and sustainable world.
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