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The solar projects will supply power to Polyplex's plants in Uttarakhand
March 26, 2026
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Polyester film company Polyplex will procure power from solar projects of Clean Max Neht, a special purpose vehicle (SPV) of Clean Max Enviro Energy Solutions, and projects of BECIS Solar 1, an SPV of Berkeley Energy Commercial Industrial Solutions, for its plants in Khatima and Bazpur, Uttarakhand.
Polyplex will invest ₹110 million (~$1.17 million) to acquire 49% equity stake in Clean Max Enviro Energy Solutions, and the same amount to acquire roughly a 26% equity stake in BECIS Solar 1.
Equity stake acquisitions in both SPVs are expected to be completed within one year of the execution of the power purchase agreement, share subscription, and shareholders’ agreements.
Polyplex is making these acquisitions to meet its green energy needs, optimize energy costs, and comply with regulatory requirements for captive power consumption.
According to Polyplex’s Sustainability Report 2023-2025, the company has operational solar projects in India, Thailand, Türkiye, and Indonesia. In 2024, the company commissioned a 3.2 MW rooftop solar project in Bazpur and a 2 MW ground-mounted solar project in Khatima.
In the same year, the company commissioned a 1.5 MW solar project in Thailand, with additional 2.3 MW and 1.5 MW systems under construction.
As of 2025, Polyplex had a 1.8 MW solar project in Türkiye and a 2.5 MW solar farm in Indonesia under construction.
The company plans a 1.8 MW solar capacity expansion during the financial year 2026.
Polyplex aims to increase focus on high-potential sustainability-related applications, including solar systems and liners for lithium-ion batteries.
Last January, Sanjeev Saraf from the Polyplex family office was one of the participating investors in  Bengaluru-based electric bike startup Oben Electric’s ₹500 million (~$5.82 million) Series A funding round.
Commercial and Industrial (C&I) consumers remain the single largest category of electricity users in India, accounting for nearly 42% of total electricity consumption in recent years. This dominance is most pronounced in open access power-friendly states such as Maharashtra, Gujarat, Tamil Nadu, Karnataka, and Rajasthan, which host large industrial clusters.
Mercom India hosts C&I Clean Energy Meets across India, designed to encourage businesses to transition to renewable energy, including solar, for their operations and connect energy buyers directly with top-tier solar suppliers. The next Mercom India C&I Clean Energy Meet event will be held in Mumbai on April 16, 2026.
Parth Shukla
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