Indian agriculture products provider UPL Ltd (NSE:UPL) on Thursday said it will partner with Mumbai-based renewable energy company CleanMax Enviro Energy Solutions Pvt Ltd to build a 61.05-MW wind and solar hybrid power plant in Gujarat.
Through a joint venture, the companies will install and operate the hybrid captive power plant, which will combine 28.05 MW of solar power and 33 MW of wind power. The project will increase the share of renewables in UPL's total global power consumption to 30% from 8% now.
The project is part of a bigger hybrid facility developed by CleanMax in Gujarat that consists of 230 MW of wind and 180 MW of solar.
“The hybrid plant combines wind and solar power to maintain a consistently high supply of renewable energy to UPL across months and different times of the day,” remarked CleanMax founder and managing director Kuldeep Jain.
According to a stock exchange statement, UPL has acquired 26% in the developer of the 61.05-MW project.