Clean Max Enviro Energy Solutions Limited announced the commissioning of its 185 MW wind-solar hybrid renewable energy project in Kalavad, Gujarat, marking a significant expansion of its clean energy portfolio in the state. The project, developed over approximately 12 months, is designed to supply green energy to corporate customers under the group captive model.

Project Details and Financial Impact

The Kalavad hybrid project represents a substantial addition to CleanMax's revenue base, with expected contributions detailed in the following table:

The project brings CleanMax's total operational capacity in Gujarat to approximately 844 MW as of March 31, 2026. At the company level, the operational energy sale capacity now stands at 3.10 GW as of March 31, 2026, spanning multiple states and supporting a diverse customer base.

Customer Base and Business Model

The Kalavad project operates under the group captive model, where customers invest equity in the project while complying with captive rules under the Electricity Act. This arrangement provides customers with long-term access to clean energy while ensuring stable revenue streams for CleanMax.

Notable customers include:

• Apar Industries Limited
• Borosil Renewables Limited
• 15 additional corporate customers across various industries

The project specifically targets energy-intensive manufacturing operations that require consistent power supply for round-the-clock industrial demand.

Environmental Impact and Sustainability

The environmental benefits of the Kalavad project demonstrate CleanMax's contribution to India's decarbonization goals:

Strategic Importance of Gujarat

Gujarat holds significant strategic value for CleanMax's operations, contributing substantially to the company's revenue base. In FY 2024-25, the company reported revenue of ₹3,426 million from Gujarat, representing approximately 30% of its renewable energy power sale revenue.

The state offers several advantages for renewable energy development:

• Strong industrial demand for clean energy
• Relatively clear open-access policies for hybrid power supplies
• Recent GERC regulations that have widened access and clarified banking provisions
• Established manufacturing hubs with high industrial power demand

Management Commentary

Mr. Kuldeep Jain, Managing Director of CleanMax, emphasized Gujarat's leadership in India's industrial decarbonization efforts, noting the alignment of clean energy policies, demand, and economics in the state. He highlighted the company's experience in building and operating assets across Gujarat and the project's ability to deliver reliable clean power for businesses operating round the clock.

Mr. Nikunj Ghodawat, Chief Financial Officer, emphasized the financial stability provided by the project, backed by 25-year fixed-tariff PPAs that ensure clear visibility and stability of cash flows over the project's lifecycle.

Company Overview

CleanMax positions itself as India's largest renewable energy company for the Commercial and Industrial sector, operating across India, the Middle East, and South-East Asia as of March 2026. The company serves 570+ customers with a diverse portfolio including rooftop solar projects, utility-scale solar farms, wind farms, wind-solar hybrid farms, and carbon credit solutions. Data centers and AI account for 42% of contracted volumes as of Q3 FY26.

Clean Max Enviro Energy Solutions Limited has announced the divestment of its wholly owned subsidiary to Hindustan Coca-Cola Beverages Private Limited, marking a strategic corporate restructuring move. The Board of Directors approved the transaction on 3 April 2026, involving the sale of Clean Max Ahhope Private Limited for a nominal consideration.

Transaction Details

The key parameters of the subsidiary sale are outlined in the regulatory disclosure:

Subsidiary Background

Clean Max Ahhope Private Limited was recently incorporated under the Companies Act, 2013 on 15 October 2025, with CIN U35105MH2025PTC459115. Given its recent incorporation, the subsidiary has not contributed to the parent company's turnover, revenue, income, or net worth during the last financial year.

Buyer Information

The acquirer, Hindustan Coca-Cola Beverages Private Limited, operates with CIN U74899HR1997PTC100334 and maintains its registered office at Unit Nos. 303 and 304, 3rd Floor, Baani Address One, Golf Course Road, Sector-56, Gurgaon, Gurugram, Haryana, India, 122011. The company has confirmed that the buyer does not belong to the promoter, promoter group, or group companies, ensuring the transaction remains at arm's length.

Regulatory Compliance

The transaction has been structured in compliance with Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The company has confirmed that this is not a related party transaction and does not fall under any scheme of arrangement, simplifying the regulatory approval process.

Timeline and Documentation

The Share Purchase Agreement is scheduled to be executed on or before 15 May 2026, with the transaction completion expected by the same date or such other mutually agreed date between the parties. The company will make relevant documentation available on its website at www.cleanmax.com as part of its disclosure obligations.