Ahmedabad-based pharmaceutical company Concord Biotech has announced that it will procure 9.9 MW wind-solar hybrid power from Clean Max Enviro Energy Solutions (CleanMax) for its manufacturing plant located at Dholka, Gujarat in order to promote sustainability.

The company has entered into a Share Purchase Agreement with Clean Max Everglades, a project-specific special purpose vehicle (SPV) and CleanMax, to acquire 26 percent equity shares of the SPV from CleanMax. It will have a wind capacity of 6.6 MW and a solar capacity of 3.3 MWp DC, the company said in a regulatory filing.

“Investing in renewable energy aligns with the company’s commitment to sustainability and it’s focused efforts to address environmental challenges. By transitioning to renewable energy sources, the company will reduce its carbon footprint, contributing to global efforts to combat climate change,” the company said.

It’s important to note here that it’s the company's first investment in renewable energy. As per the company’s Annual Report 2023-24, the company has consumed about 493,019.84 GJ of energy – all from non-renewable sources.

The company further added, “Additionally, renewable energy offers long-term financial benefits, including reduction in energy costs. This strategic investment reinforces the company’s commitment to environmental responsibility, ensuring compliance with evolving environmental regulations, and supporting sustainable growth while enhancing operational efficiency.”