Definitive agreements signed to acquire 26% in SPV for 46.4 MW wind-solar hybrid power project in Rajasthan

Nuvoco has executed a Share Purchase Agreement and other definitive agreements with Clean Max Enviro Energy Solutions to acquire 26% of the share capital of Clean Max Ilgohp Private Limited (SPV).

Tue 29 Sep 2026

Renewable Energy Capacity

46.4 MW wind-solar hybrid (20 MW wind and 26.4 MWdc solar)

Battery Storage System

2-MWh Battery Energy Storage System

Expected Annual Generation

approximately 100 MU (million units) of renewable electricity

CO₂ Emissions Avoided

approximately 1,25,485 tonnes annually

Equity Stake Acquired

26% of the share capital of Clean Max Ilgohp Private Limited

What was signed

Nuvoco has executed a Share Purchase Agreement and other definitive agreements — a Shareholder Agreement, an Energy Supply Agreement and ancillary agreements — with Clean Max Enviro Energy Solutions Limited, for acquiring 26% of the share capital of Clean Max Ilgohp Private Limited, the special purpose vehicle (SPV) for the project. This follows the Company's earlier intimation dated April 14, 2026, and comes after finalisation of all terms and conditions.

The project

• Location: Bhikamkhore, Rajasthan; developed by CleanMax as an Independent Power Producer.
• Total capacity: 46.4 MW wind-solar hybrid.
• 20 MW of wind capacity and 26.4 MWdc of solar capacity, including a 2-MWh Battery Energy Storage System.
• Expected annual generation of approximately 100 MU (million units) of renewable electricity.
• Power will be supplied to Nuvoco through the State Transmission Utility Open Access network.
• Expected to help avoid approximately 1,25,485 tonnes of CO₂ emissions annually (Scope 1 and Scope 2).

Why it matters

The 26% holding in the SPV is the structure typically used for captive/group captive renewable power, where the consumer holds a minimum equity stake in the generating company. For Nuvoco, the tie-up is intended to raise the share of renewable energy in its power consumption at its Rajasthan operations, reduce dependence on conventional power, and support long-term cost efficiency, as stated by Managing Director Jayakumar Krishnaswamy. Power is a significant input cost in cement manufacturing, so a long-term renewable supply arrangement affects both cost and emissions profile.

Context on the Company

Nuvoco reported total income of Rs. 11,362 crore in FY 2025-26. It is on track to a total cement capacity of 35 MMTPA, and has three segments: Cement, Ready-Mix Concrete and Modern Building Materials.

About the partner

CleanMax is a listed C&I renewable energy company with a contracted renewable energy portfolio of 6.0 GW as of June 30, 2026, serving around 600 customers, and carries a corporate credit rating of 'CRISIL AA/Stable'.

Investors may view this as a step in Nuvoco's renewable energy and decarbonisation strategy, with benefits accruing once the plant becomes operational.

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