CleanMax lands its biggest group captive deal, a 160 MW hybrid for Gujarat Alkalies
The mid-cap renewable player locks in a long-term, high-volume offtake with a government-promoted chemical maker.
— 2 earlier stories on Clean Max Enviro Energy Solutions Ltd. →What's new
- CleanMax will build a 160 MW hybrid (75.90 MW wind, 84.34 MWp solar) project in Gujarat.
- The power will feed 100% of GACL's Dahej and Vadodara units under a group captive structure.
- The project is CleanMax's single largest group captive deal and will be commissioned in two phases.
Why this matters
For a mid-cap, landing a blue-chip government-promoted counterparty like GACL de-risks a significant chunk of future cash flows. The deal size is material enough to move the needle on execution credibility for its FY27 expansion targets.
What we're watching
- Commissioning timeline and cost overruns on the two-phase build-out.
- GACL's payment discipline and the long-term tariff structure.
- CleanMax's next captive deal to confirm this as a pattern, not a one-off.
The full read
CleanMax has locked in 160 MW of hybrid renewable capacity (75.90 MW wind, 84.34 MWp solar) to power Gujarat Alkalies and Chemicals Limited (GACL). The group captive deal is the company's largest in that segment, supplying 100% of generated power to GACL's Dahej and Vadodara plants. At an estimated ₹90-100 crore in annual revenue, the contract represents about 5% of CleanMax's turnover. The real prize is the counterparty. A government-promoted manufacturer with a predictable power bill is exactly what a mid-cap chasing a FY27 expansion plan needs. Signed, long-term offtake of this scale is worth more than its face revenue. It validates execution on complex hybrid builds and gives CleanMax a blue-chip reference for the next pitch.
Questions answered
- What is the project structure?
- It's a 160 MW hybrid (75.90 MW wind and 84.34 MWp solar) across four sites in Gujarat, built under a group captive model to supply GACL's manufacturing units.
- How big is this deal for CleanMax?
- The company calls it its largest-ever group captive project. The estimated annual revenue of ₹90-100 crore represents roughly 5% of its current annual turnover.
- Who is the customer?
- Gujarat Alkalies and Chemicals Limited (GACL), a government-promoted chemical manufacturer. CleanMax will supply 100% of the generated power to its Dahej and Vadodara units.
- When will the project be ready?
- It will be commissioned in two phases, though the filing does not specify exact dates or deadlines for each phase.
Story so far
All notes on CLEANMAX →- 3 Jun 2026 · 10:34 AM IST CleanMax lands its biggest group captive deal, a 160 MW hybrid for Gujarat Alkalies
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