Dalmia Cement (Bharat) has announced it will source 14 MW of solar power as a captive consumer from Velan Infra Projects, a renewable energy solutions provider, through three special purpose vehicles (SPVs) in Tamil Nadu.

Dalmia has entered into a share subscription and shareholders’ agreement to acquire a stake, or an additional stake in Velan’s SPVs in one or more tranches for ₹42 million (~$478,525.32).

This transaction is expected to be completed within three months.

Dalmia will acquire stakes in the following solar generating SPVs:

• 900,000 equity shares with a face value of ₹10 (~$0.11) per share, aggregating to ₹9 million (~$102,541.14), in Bijlee Kandaswany
• 600,000 equity shares with a face value of ₹10 (~$0.11) per share, aggregating to ₹6 million (~$68,360.76, in Kilavikulam Rajalakshmi Solar Power
• 7 million equity shares with a face value of ₹10 (~$0.11) per share, aggregating to ₹27 million (~$307,623.42), in Apple India Solar Products

After the acquisition, Dalmia will own a 36.92% share in Bijlee Kandasamy, 37.9% in Kilavikulam Rajalakshmi, and 38.6% in Apple India Solar Products.

In a regulatory filing, Dalmia said the acquisitions of Bijlee Kandasamy and Kilavikulam Rajalakshmi will be related-party transactions, as Dalmia Cement (Bharat) holds 30% and 31.58%, respectively, in these companies. The acquisition of Apple India Solar Products will not be a related party transaction.

In its integrated annual report for 2024-2025, Dalmia said it utilized approximately 36% renewable energy during the financial year (FY) 2025, including solar, waste heat recovery systems, wind, and third-party renewables. This is a 3% increase from FY 2024. The company has commissioned 59 MW in group captive wind and solar capacity, and has expanded its solar projects’ capacity by 23.2 MW.

These new capacities are in addition to its existing 136 MW solar capacity. Dalmia also installed 16 solar river lift and 46 solar water lift systems.

n June 2024, Dalmia signed agreements to acquire 19.18% of Amplus Kaveri Solar’s equity share capital to source 45.20 MW of power as a captive consumer.

In the same month, it acquired 26% of the equity share capital and 26% of the compulsory debentures of Solarcraft Power India 23 to source up to 46.88 MW of solar power.

The company is also sourcing solar energy from the projects of Truere Surya, Solsolis Solar Energy and Solis Urja Energy.

In October last year, Dalmia announced it would procure up to 11 MW of solar power as a captive consumer from Bijlee Kandasamy.

In March this year, Dalmia Cement (Bharat) announced it would procure 10 MW of power from Kilavikulam Rajalakshmi Solar Power Developer’s captive solar project in Tamil Nadu.