Cleanmax Solar to Set Up Solar Farm worth Rs 600 Crores in Haryana

Cleanmax Solar has announced that it is setting up 150 MW of solar farm under the group captive model in Haryana with an outlay of Rs 600 crore, a senior company official believed.

The solar farm will be developed in Sirsa district, on an expanse of 600 acres of land which is well positioned for grid stability and to accomplish high solar power generation.

"In line with our target to set up nearly 400 MW of solar capacity this fiscal, nearly 80 per cent would be met by private solar farms. We are developing this 150 MW project on group captive model as a part of this plan, which will entail an investment of around Rs 600 crore," Cleanmax Solar Co- Founder Andrew Hines expressed.

"The project will be funded through a combination of debt and equity. The equity component of Rs 200 crore will have to be contributed by the captive users to the extent of 26 per cent, while the rest Rs 400 crore will be funded through debt," he said.

"This investment will also help the state to accelerate its renewable energy adoption, decarbonize its power sector, and also generate significant skilled employment in the area," Hines added.

He said Cleanmax has received the sanction for the solar farms from the state's Renewable Energy Department (HAREDA) and in-principle feasibility from the state transmission company HVPNL earlier this year, based on its technical and financial eligibility.

Cleanmax Solar has been the forerunner in this segment, having set up the largest group captive solar project for a single corporate consumer in 2017 in Tamil Nadu, he said.

Companies like Adobe India, Mindtree, Volvo Group India, Tata Group, SKF, ACC, United Breweries (UBL), and Bangalore Airport (BIAL) are procuring solar power from our network of private solar farms in Karnataka and Tamil Nadu to meet their renewable energy targets.

"Similarly, now in Haryana, corporates can adopt off- site solar power in a hassle-free manner with minimum investment. We will be soon signing long term PPAs with the customers," he added.