FCC

HLE Glascoat partners with CleanMax to source renewable energy

2024-11-19

HLE Glascoat, a leading manufacturer of equipment for the chemical and pharmaceutical industries, has partnered with Clean Max Enviro Energy Solutions (CleanMax) to procure power from captive renewable energy projects. The collaboration includes a 2.31 MW solar and 3.3 MW wind project to be developed in Gujarat.

As part of the agreement, HLE Glascoat has acquired a 26% equity stake in Clean Max Anchorage by purchasing 26,000 shares for Rs 26,000 at Rs 10 per share.

This initiative aligns with HLE Glascoat's ongoing efforts to reduce its carbon footprint. The company has already implemented renewable energy solutions, including three wind projects totalling 2.25 MW in Gujarat and Madhya Pradesh and a solar project in Maroli, Gujarat. In FY 2023-24, HLE Glascoat sourced 6.29% of its energy needs from renewable sources, achieving a 9.5% reduction in grid electricity consumption.

The partnership with CleanMax highlights the increasing trend of companies transitioning to renewable energy to meet sustainability goals. CleanMax has been active in similar collaborations, including developing a 125.4 MW wind-solar hybrid project for Google and a 33 MW renewable energy project for Equinix to power their Indian operations. (Mercom)