UltraTech Cement, an Aditya Birla Group company, has signed an energy supply agreement and a share subscription & shareholders’ agreement to procure power from Sunsure Solarpark Seven’s 60 MW captive solar project integrated with a battery energy storage system in Uttar Pradesh.

UltraTech Cement will invest ₹192 million (~$2.07 million) to secure 26.18% stake in the special purpose vehicle of Sunsure Energy. The acquisition is aimed at helping UltraTech Cement meet its green energy requirements, optimize energy costs, and comply with captive power regulations under electricity laws.

The acquisition will be completed within 180 days from the execution of the energy supply agreement and the share subscription & shareholders’ agreement.

UltraTech achieved an installed renewable energy capacity of 1.02 GW in the financial year (FY) 2024-25, becoming one of the first industrial companies in India to cross this milestone. The company’s total green energy capacity stands at 1.37 GW, representing 46% of its energy mix.

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

As part of its decarbonization target to reduce its net Scope 1 carbon intensity by 27% by 2032, the company decreased its net carbon dioxide emissions intensity to 549 kg/ton of cementitious material in FY 2024-25.

Recently, UltraTech Cement signed agreements to source power from Sunsure Solarpark Thirty Eight’s 14 MW solar project in Dhule, Maharashtra. UltraTech 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.

In another development this month, the company signed an agreement to source power from AMPIN C&I Power Forty Four’s 30 MW solar project. UltraTech will invest ₹151.2 million (~$1.64 million) to acquire a 26% stake in AMPIN C&I Power Forty-Four, an SPV of AMPIN Energy.

Earlier, the company announced it would source renewable energy in captive mode from CleanMax’s SPV, CleanMax Sapphire, which is setting up a 55 MW wind-solar hybrid project in Karnataka.