Dalmia Cement Bharat (DCBL) will be procuring wind power from Atria’s 6 MW wind power project in Karnataka as a captive consumer.

The company has entered into a Share Purchase & Shareholders Agreement to acquire 5.39% of Atria Wind Power’s equity share capital. The acquisition consists of 180,000 equity shares for ₹34.7 million (~$412,749) to be made in one or more tranches.

The transaction is expected to be completed within three months.

Atria Wind Power is a special-purpose vehicle for setting up captive wind power projects in Karnataka. The company was incorporated in 2016, and its turnover for the financial year 2023-24 was ₹409 million (~$4.86 million).

The acquisition will help Dalmia Cement enhance its renewable power supply and achieve its commitment to carbon neutrality by 2040.

According to its Integrated Annual Report 2023-24, Dalmia Cement has 185 MW of renewable energy capacity, of which 19 MW was commissioned in 2023-24. Its solar capacity is 113 MW as of 2024.

The company meets 7% of its energy needs from renewable energy. It has set an ambitious interim target to increase its percentage of renewable energy consumption fourfold by 2030 compared to 2015.

In a bid to achieve its renewable energy goals, Dalmia Cement announced it would procure up to 11.2 MW of solar power as a captive consumer from Solsolis Solar Energy Solutions in Odisha. It entered into a share subscription and shareholders agreement to acquire 26% of Solsolis’ equity.

It also entered into a share subscription and shareholder agreement to acquire 25.38% of Bijlee Kandasamy’s equity to procure up to 11 MW of solar power as a captive consumer from Bijlee Kandasamy in Tamil Nadu.

According to credit ratings agency ICRA, green power will comprise 40-42% of the total power mix of major cement companies in India by March 2025.