- The solar farm will be developed in Sirsa district, on a stretch of 600 acres of land
- Cleanmax’s target to set up nearly 400 MW of solar capacity this fiscal, nearly 80 per cent would be met by private solar farms
- The project will be funded through a combination of debt and equity
- Cleanmax has set a target to scale up its portfolio from the current over 500 MW to 2000 MW by 2022
Energy solar solutions provider Cleanmax Solar is setting up 150 MW of solar farm under the group captive model in Haryana with an investment of Rs 600 crore.
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.
Cleanmax Solar co founder Andrew Hines told PTI that in line with the company’s target to set up nearly 400 MW of solar capacity this fiscal, nearly 80 per cent would be met by private solar farms. He further mentioned that Cleanmax is developing this 150 MW project on the group captive model as a part of this plan, which will entail an investment of around Rs 600 crore.
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 per cent, while the rest Rs 400 crore will be funded through debt, added Hines.
An ambitious action plan
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.
In April this year, The company raised Rs 275 crore from Macquarie managed UK Climate Investments (UKCI) to add 400-500 MW of solar capacity in its portfolio in the next 12 months.
This was the third investment the company has received after it secured equity financing up to Rs 700 crore from an affiliate of Warburg Pincus and the International Finance Corporation in 2017.
Cleanmax has set a target to scale up its portfolio from the current over 500 MW to 2000 MW by 2022.
