UltraTech Cement, an Aditya Birla Group company, will procure solar power from a 65 MW project being developed by Waaree Forever Energies’ special purpose vehicle (SPV), Solaris Horizon Energy in Chhattisgarh.

The company will invest up to ₹277.55 million (~$2.78 million) in the SPV to source the power on a captive basis for its plants in Mungeli district.

UltraTech has entered into energy supply, share subscription, and shareholders’ agreements to acquire a 26% stake in the SPV.

The acquisition is expected to be completed within 180 days from the execution of these agreements.

The company said the stake acquisition will help meet its green energy requirements, optimize energy costs, and comply with regulatory requirements for captive power consumption.

UltraTech commissioned 371 MW of renewable energy capacity in the financial year (FY) 2026, taking its total installed renewable capacity to 1.39 GW. It also added 63 MW of waste-heat recovery capacity, bringing the total clean power capacity to 1.81 GW.

Green energy met about 41% of the company’s power requirements during FY 2026, while its green power mix reached 43% in the fourth quarter of FY 2026.

UltraTech plans to increase its total green energy share to 85% by 2030.

This March, UltraTech signed an agreement to procure power from Sunsure Solarpark Seven’s 60 MW captive solar project integrated with a battery energy storage system in Uttar Pradesh.

In the same month, UltraTech Cement signed agreements to source power from Sunsure Solarpark Thirty Eight’s 14 MW solar project in Dhule, Maharashtra. UltraTech said it will invest up to ₹67.2 million (~$727,859) to purchase 26.2% of the shares of Sunsure Solarpark Thirty-Eight, an SPV of Sunsure Energy.

Earlier, the company signed an agreement to source power from AMPIN C&I Power Forty Four’s 30 MW solar project by investing ₹151.2 million (~$1.64 million) to acquire a 26% stake in AMPIN C&I Power Forty-Four.