Cummins India Limited is set to procure clean energy from solar–wind hybrid projects being developed by Clean Max Enviro Energy Solutions Private Limited (CleanMax) in Maharashtra under the group captive power procurement model.
To enable the arrangement, Cummins India will invest about Rs 0.02 billion in Clean Max Yellowstone, acquiring a minimum equity stake of 8.78 per cent in one or more tranches. The investment will be undertaken alongside two other Cummins group entities in India, with the three companies collectively holding at least 26 per cent equity in the project company, in line with group captive power plant regulations. Cummins India and CleanMax have also executed a share purchase agreement for the transaction.