Cleantech Solar to Install Captive Solar Projects for Battery Maker Exide Industries

Indian lead-acid battery manufacturer, Exide Industries (Exide), has entered into three share subscription and shareholders agreements with renewable energy developer Cleantech Solar (Cleantech) to install captive solar projects at its factories. In a filing to the Bombay Stock Exchange, Exide stated that it “agreed to subscribe equity shares comprising at least 26% but not exceeding 30% of the issued and paid up share capital of each of the three special purpose vehicle (SPV) companies”. These SPVs would develop the projects at Exide’s factories located in Maharashtra, Tamil Nadu, and Haryana. Exide has also announced that it will procure energy from these solar power projects for its Hosur factory in Tamil Nadu, Bawal factory in Haryana and three factories in Maharashtra. In January 2019, Mercom reported that Exide was going to acquire 30 percent equity stake in three SPVs which would develop projects costing approximately ₹200.5 million (~$ 2.86 million), with Exide as the captive user and the three SPVs as the power producers. Exide formed a joint venture with Leclanche in June 2018 to manufacture lithium-ion batteries and provide energy storage systems for India’s electric vehicle market and grid-based applications.