Nuvoco Vistas to acquire 26% stake in CleanMax SPV, shares gain

According to fresh market updates, Nuvoco Vistas Corp shares advanced on Tuesday after the firm stated it has executed a share purchase agreement and other definitive agreements with Clean Max Enviro Energy Solutions to acquire a 26 percent stake in Clean Max Ilgohp Pvt Ltd (SPV).

The stake acquisition is for setting up a hybrid renewable energy supply plant at Bhikamkhore in Rajasthan.

Shares of Nuvoco Vistas traded 1.3 percent elevated at Rs 330.10 per share on the NSE.

In an exchange filing, the firm stated it has partnered with Clean Max Enviro Energy Solutions for a 46.4 MW wind-solar hybrid renewable energy project in Rajasthan.

Clean Max Enviro Energy Solutions additionally traded elevated.

The project will backing Nuvoco's cement operations with cleaner power and gain the share of renewable energy in its power consumption, thereby reducing fossil fuel consumption and associated emissions, it stated.

The project will be developed by CleanMax, an independent power producer, and will comprise 20 MW of wind capacity and 26.4 MWdc of solar capacity, including a 2-MWh battery energy storage system.

Power generated from the project will be supplied to Nuvoco through the State Transmission Utility Open Access network.

The project is anticipated to help avoid around 1,25,485 tonnes of CO2 emissions annually from Scope 1 and Scope 2 emissions, the firm stated.

Once operational, the hybrid project is anticipated to generate around 100 million units of renewable electricity annually.

The initiative builds on Nuvoco's efforts to reduce the carbon intensity of its manufacturing operations through renewable energy, Waste Heat Recovery Systems, energy-efficiency measures and increased use of alternative fuels, it further noted.

The project additionally advances Nuvoco's DIRE (Digitalisation, Innovation and Renewables) agenda, which focuses on climate action, renewable energy transition, water stewardship, circularity and biodiversity conservation across its manufacturing operations, the firm stated.