Dalmia Cement (Bharat), a wholly owned subsidiary of Dalmia Cement Bharat, has sold its entire 25.44% stake in renewable energy solutions provider O2 Power’s special purpose vehicle (SPV) O2 Renewable Energy V (OREV) for ₹108.2 million (~$1.2 million).

The company had acquired the stake in the SPV to source 11 MW of wind energy from its project in Karnataka as a captive consumer.

Dalmia has transferred 12.23% of its stake in OREV to JSW Neo Energy, 4.99% to Goldman Sachs Services, and 8.23% to Syngene International.

The company will not be associated with OREV after the sale.

Dalmia invested in OREV in phases. In April 2024, it acquired 18.13% equity stake in OREV’s 11 MW wind project, investing approximately ₹78.10 million (~$940,000). In August 2024, invested ₹35.1 million (~$420,000) to increase its equity stake by another 7.31%, bringing the total to 25.44%. Dalmia had a short-term PPA with OREV for this wind project.

In its 2024-2025 annual report, Dalmia Bharat said approximately 36% of its power consumption comes from renewable sources. This is a 3% increase from the previous year. By FY2025, Dalmia Bharat had commissioned 59 MW of wind and solar capacity under a group captive arrangement. This is in addition to 136 MW of in-house solar capacity and 72 MW of waste heat recovery-based generation capacity. As part of its commitment to expanding renewable energy use, the company is increasing its solar power capacity and has also begun procuring hydropower.

In December 2024, Dalmia announced it would source wind power from Atria’s 6 MW wind power project in Karnataka as a captive consumer. The company acquired 5.39% equity in Atria Wind Power for ₹34.7 million (~$412,749).

Dalmia has also recently signed agreements to source solar power.

The company has invested ₹428.7 million (~$4.74 million) for a 26% stake to source up to 128 MW of solar power from a Tamil Nadu-based under-construction project of Oriana Power’s SPV TrueRE Surya.

Mercom India hosts a multi-city C&I Clean Energy Meets series to equip commercial and industrial energy buyers with the insights and tools needed to adopt clean energy solutions and reduce electricity costs. The next Clean Energy Meet will be held in Coimbatore on February 5, 2026.

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