CleanMax signs MoU with Andhra Pradesh for Rs 50,000-crore clean energy project

Clean Max Enviro Energy Solutions Ltd has signed a memorandum of understanding (MoU) with the Andhra Pradesh Economic Development Board to invest nearly Rs 50,000 crore in an integrated clean energy complex in the state. The proposed development will include renewable energy generation, pumped storage and power infrastructure to support a 2 GW green compute factory being developed in collaboration with AI cloud provider Neysa.

The investment plan includes 3 GW of renewable energy capacity through wind and solar projects, along with 1 GW of pumped hydro storage capacity over the next five years. The facilities will supply power to the proposed compute factory in Kurnool district, with CleanMax responsible for developing the generation, storage and distribution infrastructure. Neysa will anchor the facility with 1 GW of IT load.

CleanMax shares closed at Rs 1,311.35 on Thursday, rising 4.39% from their previous close of Rs 1,256.25. The stock touched a high of Rs 1,342.20 during the session, while its low stood at Rs 1,256.25.

CleanMax's Andhra Pradesh project: Key details

According to the company's November 12 announcement, the projects will be developed in phases, with at least 1.5 GW of renewable energy capacity proposed to be commissioned by 2029. The integrated model will combine wind and solar generation with battery energy storage systems (BESS) and pumped storage to balance electricity supply and meet the compute facility's round-the-clock power requirements.

CleanMax will also develop its own power distribution network for the compute park. A special purpose vehicle (SPV) owned and operated by the company will apply to the Andhra Pradesh Electricity Regulatory Commission (APERC) for a distribution licence to supply electricity within the facility.

The compute factory is being developed in partnership with Neysa, which will use the facility to support its AI cloud infrastructure business. The company said the project would use direct-to-chip cooling technology to limit water consumption, with water requirements met through industrial allocations made by the local administration.

What CleanMax said about the project

Commenting on the development, Kuldeep Jain, Founder and Managing Director of CleanMax, said, "Compute is becoming one of the largest new sources of power demand, and it needs clean energy that is available every hour of the day."

He added that the company was planning an integrated model in Andhra Pradesh, bringing together generation, storage and distribution around the requirements of the compute facility. Jain also cited the state's clean energy policy framework and wind and solar resources as factors supporting the proposed investment.