Hero MotoCorp has received approval for investment of up to
Rs 5.15 crore for Solar Power Wheeling project, for the company’s plants at
Dharuhera and Gurugram under Group Captive mechanism.
For the above project, the company shall enter into an
arrangement with CleanMax Enviro Energy Solutions (CleanMax) to set up a
Special Purpose Vehicle (SPV). The proposed SPV will be incorporated for Solar
Power Wheeling project under Group Captive mechanism.
The objective of the investment is to increase renewable
footprint under Group Captive mechanism with equity investment by the company
in the above said SPV to be created by CleanMax under Green Energy Open Access
Regulations 2023 of Haryana Electricity Regulatory Commission.
The Board of Directors of the company at its meeting held
February 06, 2025, has approved the same.
Hero MotoCorp is the world’s largest manufacturer of motorcycles and scooters.
Source: Ace Equity
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