Automotive Solutions provider Uno Minda will procure 17.85 MW of solar power from Amplus Solar’s special purpose vehicle (SPV), Amplus Ampere.

The power will be sourced from Amplus Ampere’s 54.94 MW captive solar project in Maharashtra.

In a BSE filing, Uno Minda announced that the company’s board of directors approved an investment of ₹3.5 million (~$40,907)/MW, aggregating up to a total of ₹62.5 million (~$730,486).

The company will acquire 9.75% of the SPV’s equity shares by the first quarter of 2025. The present paid-up capital of Amplus Ampere is ₹100,000 (~$1,169).

According to Uno Minda’s annual report 2023-24, 18% of its energy needs were met using renewable sources. The company aims to source 40% of its energy from such sources by 2026.

In April 2024, it invested ₹22.7 (~$265312) million in Strongsun Renewables to source solar power from the 8.54 MW (DC) project under captive mode for its alloy wheel-two wheeled division in Supa, Maharashtra. Uno Minda also installed 2.8 MW of cumulative solar systems in multiple locations across India.

Many industries, such as the automotive, textile, and cement sectors, have been gradually shifting toward green energy to reduce their carbon emissions.

In October 2024, Varroc Engineering, another automotive company, announced its plans to procure solar power from AMPIN‘s 27 MW group captive project in Maharashtra. This shift to renewable energy sources is projected to result in substantial cost savings, with an estimated 45% reduction in energy costs across Varroc’s manufacturing plants in Maharashtra.

Last year, automotive components manufacturer CIE Automotive announced that it would procure power from ReNew Green‘s 7.8 MW captive solar power project. The company invested ₹36.03 million (~$428,460) in cash to purchase ReNew Green’s 924,000 shares, each with a face value of ₹10 (~$0.12) and a premium of ₹29 (~$0.34). This transaction has established ReNew Green as an associate company of CIE Automotive.