Dalmia Cement (Bharat) (DCBL), a wholly owned subsidiary of Dalmia Bharat, has entered into agreements to acquire a 41% stake in Oyster Green Hybrid Five to source power from its 35.6 MW wind-solar hybrid project on a captive basis.

The stake corresponds to 26% on a fully diluted basis.

Oyster Green Hybrid Five is a special purpose vehicle (SPV) of Oyster Renewable Energy. The hybrid project, comprising 21.6 MW of wind and 14 MW of solar capacity, will supply power to DCBL’s plant in Kadapa, Andhra Pradesh.

The company will invest approximately ₹173.5 million (~$2 million) in one or more tranches to acquire 17.35 million equity shares in the SPV at a face value of ₹10 (~$0.10) each.

The acquisition is expected to be completed within four months of the date of the agreement.

Dalmia Bharat said the investment is aimed at increasing its renewable energy sourcing as part of its goal to achieve 100% renewable electricity by 2030 and become carbon-negative by 2040.

This March, DCBL entered into agreements with Ventora Energy, an SPV of Ultra Mega Power, to source up to 8.1 MW of captive wind power in Tamil Nadu.

In January this year, DCBL sold its entire 25.44% stake in O2 Power’s 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 transferred 12.23% of its stake in OREV to JSW Neo Energy, 4.99% to Goldman Sachs Services, and 8.23% to Syngene International.

Earlier, the company announced that it would source up to 128 MW of solar power from an under-construction Tamil Nadu-based project by Oriana Power’s SPV TrueRE Surya. Dalmia invested ₹428.7 million (~$4.74 million) to acquire more than 26.26 million equity shares for a 26% stake in 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 Jodhpur on May 15, 2026.