Cleanmax Solar is setting up 150 MW of solar farm under the group captive model in Haryana with an investment of Rs 600 crore.
A group captive scheme is where someone develops a power plant for collective usage of many commercial consumers. The captive user should have at least 26 per cent of the equity and has to consume at least 51 per cent of the power produced.
The solar farm will be developed in Sirsa district, on a stretch of 600 acres of land which is well situated for grid stability and to achieve high solar power generation.
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 extend of 26 percent, while the rest Rs 400 crore will be funded through debt.
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.
Companies like Adobe India, Mindtree, Volvo Group India, Tata Group, SKF, ACC, United Breweries (UBL), and Bangalore Airport (BIAL) are procuring solar power from their network of private solar farms in Karnataka and Tamil Nadu to meet their renewable energy targets.
Reference- Cleanmax Solar PR, Economic Times