Shares of Exide Industries Ltd surged in early trade today after the automotive battery manufacturer said it inked an agreement to buy a 26 percent equity stake in Clean Max Arcadia, a special purpose vehicle (SPV) promoted and incorporated by Clean Max Enviro Energy Solutions, for the generation and supply of solar power. Exide Industries has agreed to invest Rs. 5,34,59,929 or Rs 5.34 crore in Clean Max Arcadia.
CleanMax, a renewable power solutions provider, has signed a 25-year power purchase agreement with Bangalore International Airport Limited (BIAL) for a 45.9 MW Solar-wind Captive Power Project in Jagaluru, Karnataka. The project aims to provide reliable and continuous power supply while effectively managing consumption load.
Harsha Engineers International Ltd has issued Letter of Intent dated 18th October 2022 to M/s Clean Max Enviro Energy Solutions Private Limited for setting up of Hybrid power project.