Exide Industries acquires 26% stake in Clean Max's solar subsidiary; Juniper Green Energy commissions 105 MW solar plant around 9 months ahead of schedule; Gensol's INR 17.83 billion order book.
Exide for solar: Indian storage battery manufacturer Exide Industries is investing in solar energy. It has entered an agreement to acquire 26% equity stake in Clean Max Arcadia Private Limited. The latter is a solar energy special purpose vehicle (SPV) promoted and incorporated by Clean Max Enviro Energy Solutions Pvt Ltd (CMES). Exide said the objective behind this investment is to qualify as a captive consumer for solar capacity of 14.85 MW DC/9.9 MW AC for its factory in Bawal, Haryana. To qualify as a captive consumer for a captive power project, companies in India are required to subscribe to at least 26% of the total equity capital of the target company.
105 MW solar plant online: Indian independent renewable energy power producer (IPP) Juniper Green Energy has commissioned the Jalkot Solar Power Plant in Maharashtra. The 105 MW solar project is online nearly 9 months before its scheduled commercial operation deadline (COD). Power generated by the project will be delivered to Maharashtra State Electricity Distribution Company Limited (MSEDCL) under a 25-year power purchase agreement (PPA).
Gensol order book growing: Indian EPC services company Gensol Engineering Limited has reported receiving a significant order book worth INR 17.83 billion ($214 million) in the beginning of FY 2025. It comprises INR 14.48 billion ($174 million) in solar EPC domain in India and the Middle East, followed by INR 3.35 billion ($40 million) in the electric vehicle (EV) leasing business. It plans to execute the same over the next 12 months. Recently, the company announced the appointment of Kapil K Nirmal as the CEO for its Middle East PV business (see Indian Solar EPC Group Strengthens International Leadership).