JK Cement has made a further investment in O2 Renewable Energy V, a special purpose vehicle (SPV) of O2 Power, to increase its shareholding in a 22 MW group captive wind power project in Kudligi Taluk, Bellary, Karnataka

The company acquired 4,645,658 equity shares from JSW Neo Energy, representing a 12.21% stake in the SPV, for a total cash consideration of ₹51.93 million (~$577,706).

Following this purchase, JK Cement’s holding in the SPV will rise from 16.76% to 28.97%.

An amendment to the existing share subscription and shareholders’ agreement will be executed among the parties.

The 22 MW project is part of a 240 MW wind-solar hybrid park located in Kudligi Taluk.

JK Cement clarified in its bourse filing that this acquisition is not a related-party transaction and has been carried out on an arm’s-length basis. It also notes that no specific governmental or regulatory approvals are required, that no indicative completion timeline applies, and that the consideration is entirely in cash.

According to the company’s annual report 2024-25, its green power share rose to 51%.

“The company now has 184.14 MW of captive green power capacity, supported by waste heat recovery systems and renewable sources. Ongoing projects across key locations are expected to add another ~165 MW by financial year (FY) 2025–26, taking us closer to achieving a ~60% green power share in the near term and progressing steadily towards our long-term target of 75%,” it said.

“Notably, its Muddapur plant operated with over 99% green power during the year FY 2024-25,” the report said.

JK Cement has ~274 MW of power purchase agreements signed for solar and wind power.

Incorporated on May 25, 2022, O2 Renewable Energy V is focused on setting up and generating power from renewable sources in India. As of March 31, 2025, it reported turnover of ₹202.9 million (~$2.26 million), profit after tax of ₹8.1 million (~$90,110), and net worth of ₹432.7 million (~$4.81 million).

India added 2.2 GW of solar open access capacity in the third quarter (Q3) of 2025, increasing 108% year-over-year from 1.1 GW, according to Mercom India’s Q3 2025 Solar Open Access Market Report.

Karnataka recorded the highest solar open access capacity additions, accounting for nearly 38% of the installations, in Q3. It was followed by Rajasthan and Gujarat, which accounted for 25% and 11% of the additions.

The cumulative solar open access capacity stood at 27.9 GW as of September 2025.

Mercom India hosts a multicity ‘C&I Clean Energy Meet’ series designed to provide commercial and industrial energy buyers with the knowledge and tools they need to adopt clean energy solutions and lower their power costs. The next Clean Energy Meet event will be held in Nagpur on December 12, 2025.

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