Building materials manufacturer Everest Industries will procure 5.5 MW of solar power from a group captive project of Amplus Energy Solution’s (now Gentari) special purpose vehicle (SPV), Amplus Ampere.

Everest will invest ₹17.6 million (~$205,494) for 1.76 million, or 3.12% equity shares, at a face value of ₹10 (~$0.12) per share in Amplus Ampere. The total capacity of Amplus Ampere’s project is 54.94 MW.

The acquisition will be completed by September 30, 2025.

Per its annual report 2023-24, Everest Industries consumed 7834.7 gigajoule (GJ) of electricity from renewable sources. It sourced about 55%, or 152,023.4 GJ, of its energy needs from renewable sources.

Everest Industries has invested in rooftop solar projects for captive consumption within its plants.

The company installed over 2,800 kW of solar modules at its facilities. In 2023, it installed a 700 kW solar project at its Narmada Works, generating around 42% of the manufacturing facility’s total energy requirement.

Everest also installed a captive 1,100 kW solar project at its Lakhmapur Works, generating 11% of its total energy requirement. During the same year, it installed another captive solar project of 500 kW capacity at its Somnathpur Works.

The company is also improving operational timing controls to reduce energy loss and is enhancing its energy usage data monitoring.

Many commercial and industrial consumers with high energy use are shifting to clean energy to lower their power bills and meet their renewable energy obligations. The steel and cement industries are the most notable sectors making this transition.

In March this year, automotive solutions provider Uno Minda announced it would procure 17.85 MW of solar power from Amplus Ampere.

UltraTech Cement recently announced it will source renewable energy from AMPIN Energy Transition’s SPV AMPIN C&I Power Eight.

Last year, Dalmia Cement Bharat announced it would procure wind power from Atria’s 6 MW project in Karnataka as a captive consumer.