UltraTech Cement, an Aditya Birla Group company, has said it will procure an additional 7 MW of wind-solar hybrid power from Continuum MP Windfarm, raising the total procurement from 14 MW to 21 MW.

To enable the additional power procurement, UltraTech Cement said it has increased its shareholding from 3.28% to 5.46% in Continuum MP Windfarm by investing  ₹243.5 million (~$2.91 million).

In a regulatory filing, Ultratech said acquiring additional shares in the wind company will help it meet its green energy needs, optimize energy costs, and comply with regulatory requirements for captive power consumption under electricity laws.

The acquisition is expected to be completed within 120 days of the amendments to the Power Purchase Agreement, Share Purchase Agreement, and Shareholders Agreement.

Continuum MP Windfarm supplies 21 MW hybrid power from its 100 MW wind-solar hybrid project set up in Ratlam District in Madhya Pradesh under the group captive mode. The company had a turnover of ₹246.41 million (~$2.91 million) in the financial year 2023-24.

In 2022, the Appellate Tribunal for Electricity dismissed the Madhya Pradesh Electricity Regulatory Commission’s order upholding the state-owned distribution company’s move to levy an additional surcharge on wheeling charges even for consumers using captive generation and their dedicated transmission lines in response to petitions filed by subsidiaries of Ultratech Cement. The Tribunal said there was no evidence that UltraTech Cement subsidiaries were using the distribution licensee’s transmission system to evacuate power from the captive power projects.

Aditya Birla Renewables (ABReL), the Aditya Birla Group’s renewable energy arm, recently raised ₹25 billion (~$299.26 million) through a private placement of non-convertible debentures. The base issue size is up to ₹20 billion (~$239.4 million), with a greenshoe option to retain oversubscription of up to ₹5 billion (~$59.85 million).

In March, Grasim Industries, another Aditya Birla Group company, announced an investment of ₹12.5 billion (~$150.3 million) from the International Finance Corporation (IFC), the private sector arm of the World Bank Group.