Mumbai-based packaging company TCPL Packaging has acquired a 26% stake in Clean Max Hana as part of a plan to source electricity from a 3.05 MW solar project in Uttarakhand, Mercom reported.
The company invested ₹10.9 million (around $118,652) in Clean Max Hana, which operates as a special purpose vehicle of CleanMax. The arrangement allows TCPL Packaging to obtain solar power from the project under a captive model.
TCPL Packaging manufactures several packaging products such as folding cartons, printed blanks and outers, litho-lamination products, plastic cartons, blister packs and shelf-ready packaging. It also produces printed cork-tipping papers, laminates, sleeves and wrap-around labels.
The company has been steadily increasing its use of renewable energy. In the financial year 2025, its procurement of renewable energy rose by about 50%. Consumption increased from 6,590 gigajoules in FY 2023 to 7,172 gigajoules in FY 2024 and further to 10,739 gigajoules in FY 2025.
All of the company’s manufacturing facilities are now equipped with rooftop solar systems, which together supply up to 5% of their overall power needs. The solar installation at its Goa facility generates more than one million units of electricity annually, while its plant in Guwahati has a rooftop solar capacity of 561 kW.
By FY 2025, the company’s total rooftop solar capacity had reached 4,516 kW. Solar projects installed at its facilities in Silvassa, Goa and Haridwar supply around 15% of their energy requirements.
During the same financial year, the company directed 83% of its capital expenditure toward technologies and infrastructure linked to environmental and social initiatives, including renewable energy projects. Overall, renewable sources currently account for about 6% of the company’s total electricity consumption.
Industry observers say commercial and industrial consumers are increasingly turning to renewable energy as a way to reduce power costs amid rising grid tariffs.
Meanwhile, Mercom India is hosting a series of C&I Clean Energy Meet events across several cities to bring together renewable energy developers, businesses and lenders to discuss clean energy options. The next meeting is scheduled to take place in Bhopal on March 13, 2026.
