Grasim Industries has announced that it has executed an LLP Agreement with Cleanmax Enviro Energy (Generator) and Power Purchase Agreement (PPA) with CleanMax Power 3 LLP (Power Producer) to establish and procure power from a 32.4 MW wind energy power plant in the state of Karnataka.
As per a regulatory filing, the parties have become partners in the LLP formed with a purpose to establish, operate and maintain 32.4 MW wind power plant in the State of Karnataka wherein the power generated will be supplied exclusively to Grasim under the Captive Rules and the project will be operated by Cleanmax.
Grasim Industries Limited is a flagship company of the USD 48.3 billion Aditya Birla Group, that manufactures textile materials including viscose staple fibre, chloralkali, linen and insulators in India.
The Aditya Birla Group company will hold a 26 percent share in the LLP, while Cleanmax holds the remaining 74 percent. The total capital of the LLP will be Rs 73.42 crore which will be contributed by Grasim Rs 19.09 crore (26 percent) and Cleanmax Rs 54.33 crore (74 percent) in phases.
“Generator shall have rights to operate the LLP and the said project. Grasim shall have rights over reserved matter,” the statement issued by Grasim said.
In July, we had reported that US-based global food corporation Cargill had partnered with CleanMax to meet 70 to 80 percent of its facility’s electricity needs in India from a solar and wind hybrid project in the state of Karnataka. The partnership is expected to help eliminate 29,865 metric tons of CO2 emissions per year.