Synopsis: CleanMax commissioned 185 MW wind-solar hybrid plant at Kalavad, Gujarat, supplying round-the-clock green power to 17 corporates, targeting Rs 165 crore annual revenue boost from FY2027.
India’s largest C&I renewable firm switches on a major wind-solar project and sets its sights on Rs 165 crore in fresh annual revenue by FY2027. Shares jumped 3.4% to Rs 874 after the company announced the commissioning of its Kalavad project. CleanMax Enviro Energy Solutions has commissioned a 185 MW wind-solar hybrid project at Kalavad, Gujarat. The plant, built over roughly 12 months, now supplies round-the-clock green power to 17 large corporate clients. It is one of the biggest single additions to the company’s clean energy portfolio this year.
The Kalavad project combines solar and wind generation on a single platform. This hybrid setup delivers more stable output than either technology alone. Industrial clients need power all day, every day and this plant is designed exactly for that demand. It pushes CleanMax’s total capacity in Gujarat alone to around 844 MW.
The project runs on a group captive model. Under this structure, customers invest equity in the plant and, in return, secure long-term access to clean power. Seventeen firms have signed on. Among them are publicly listed companies Apar Industries and Borosil Renewables. The deals come with 25-year fixed-tariff power purchase agreements, giving CleanMax stable, long-range cash flow visibility.
“Gujarat leads India’s industrial decarbonisation push. This is where clean energy policies, demand, and economics line up.” — Kuldeep Jain, Managing Director, CleanMax
Once the Kalavad plant stabilises, CleanMax expects it to add over Rs 165 crore annually to its revenue base from FY2027. Gujarat already contributes significantly to the company’s financials. In FY2024-25, the state generated Rs 3,426 million in revenue about 30% of CleanMax’s total renewable power sales. The new project strengthens that position further.
“The Kalavad expansion, once stabilised, enhances our revenue base with a contribution upwards of Rs 165 crore annually in FY2027.” — Nikunj Ghodawat, Chief Financial Officer,
Beyond the business case, the environmental numbers are striking. The plant will offset roughly 3.61 lakh tonnes of CO2 every year. That is the equivalent of planting nearly 21 million trees annually. Meanwhile, the company’s total operational capacity has now crossed 3.1 GW across India as of March 31, 2026 cementing its place at the top of the commercial and industrial renewables market.
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