UltraTech Cement, an Aditya Birla Group company, will source renewable energy from AMPIN Energy Transition’s special purpose vehicle (SPV) AMPIN C&I Power Eight.

The company entered energy supply, share subscription, and shareholders agreements to acquire a 26% equity share in AMPIN C&I Power Eight, investing ₹255 million (~$2.98 million).

The SPV was incorporated in January to set up a 75 MW DC/50 MW AC solar power project on a captive basis at the Sindhari village in Rajasthan’s Balotara district.

The acquisition will be completed within 180 days from the agreements’ execution.

Ultratech Cement, in a regulatory filing, disclosed that this acquisition would help the company meet its green energy needs, optimize energy costs, and adhere to India’s regulatory requirements for captive power consumption under electricity laws.

The company said this acquisition is not a related party transaction, and the promoters have no interest in it.

In its Integrated and Sustainability Report-FY24, UltraTech Cement said it increased its renewable energy capacity by 77% from the financial year (FY) 2023. The company has a green energy capacity of 890 MW, including 612 MW of renewable energy. This increase helped Ultratech Cement substitute 22% of its electricity with green power in FY 2024.

The company aims to increase its green energy capacity to 1,000 MW. It also targets an 85% share of green energy in its total energy mix by 2030.

In August last year, UltraTech Cement’s Awarpur Cement unit installed 7,600 floating solar panels covering 3,600 sq m across two water reservoirs within its premises. The solar systems have a capacity of 4.096 MW (3.30 MW AC) and are expected to produce 6,173 MWh of energy annually.

In December last year, Ultratech Cement announced that it would source renewable energy in captive mode from CleanMax’s SPV, Clean Max Sapphire. It would acquire a 26% equity share in Clean Max Sapphire, investing up to ₹457.6 million (~$5.3 million).

In October, the company said it would procure an additional 7 MW of wind-solar hybrid power from Continuum MP Windfarm, raising the total procurement from 14 MW to 21 MW.