UltraTech To Buy 26 Per Cent Stake In Solar SPV
Cement

UltraTech To Buy 26 Per Cent Stake In Solar SPV

UltraTech Cement has agreed to acquire a 26 per cent equity stake in Solaris Horizon Energy by entering into an Energy Supply Agreement and a Share Subscription and Shareholders Agreement. The company will invest up to Rs 277.5 million (Rs 27.75 crore) in the special purpose vehicle promoted by Waaree Forever Energies, which is developing a 65 megawatt (MW) solar power project in Chhattisgarh. This acquisition is intended to secure solar power on a captive basis for UltraTech plants in Mungeli district.

The investment amount converts to Rs 277.5 mn and the agreements envisage completion within 180 days from execution. The deal reflects a strategy to source renewable power directly and to optimise energy costs across the group. UltraTech has structured the transaction to take a minority stake while securing supply through the Energy Supply Agreement.

The move forms part of a wider plan to increase reliance on renewable and clean energy sources across operations. During FY2026 the company commissioned 371 MW of renewable capacity, taking installed renewable capacity to one point three nine gigawatt (GW), and added 63 MW of waste?heat recovery, taking total clean power capacity to one point eight one GW. Green energy met around 41 per cent of UltraTech’s power needs in FY2026 and the green mix rose to 43 per cent in the fourth quarter.

UltraTech said the investment will help meet its green energy requirements and comply with regulations applicable to captive power consumption under electricity laws. The company expects the acquisition to enable long?term price visibility and to support operational decarbonisation efforts at the Mungeli facilities. The SPV equity stake will complement existing long?term supply arrangements and internal generation.

By expanding equity exposure in solar generation UltraTech has signalled continued commitment to its renewable expansion roadmap. The transaction will be monitored until completion as part of the company’s broader energy transition programme.

UltraTech Cement has agreed to acquire a 26 per cent equity stake in Solaris Horizon Energy by entering into an Energy Supply Agreement and a Share Subscription and Shareholders Agreement. The company will invest up to Rs 277.5 million (Rs 27.75 crore) in the special purpose vehicle promoted by Waaree Forever Energies, which is developing a 65 megawatt (MW) solar power project in Chhattisgarh. This acquisition is intended to secure solar power on a captive basis for UltraTech plants in Mungeli district. The investment amount converts to Rs 277.5 mn and the agreements envisage completion within 180 days from execution. The deal reflects a strategy to source renewable power directly and to optimise energy costs across the group. UltraTech has structured the transaction to take a minority stake while securing supply through the Energy Supply Agreement. The move forms part of a wider plan to increase reliance on renewable and clean energy sources across operations. During FY2026 the company commissioned 371 MW of renewable capacity, taking installed renewable capacity to one point three nine gigawatt (GW), and added 63 MW of waste?heat recovery, taking total clean power capacity to one point eight one GW. Green energy met around 41 per cent of UltraTech’s power needs in FY2026 and the green mix rose to 43 per cent in the fourth quarter. UltraTech said the investment will help meet its green energy requirements and comply with regulations applicable to captive power consumption under electricity laws. The company expects the acquisition to enable long?term price visibility and to support operational decarbonisation efforts at the Mungeli facilities. The SPV equity stake will complement existing long?term supply arrangements and internal generation. By expanding equity exposure in solar generation UltraTech has signalled continued commitment to its renewable expansion roadmap. The transaction will be monitored until completion as part of the company’s broader energy transition programme.

Related Stories

Gold Stories

Next Story
Building Material

From Rough to Refined: How Modern Plastering Is Changing Wall Finishes

When Rohan first walked into his newly constructed home, he imagined what it would become—a warm living room, a bright bedroom, and walls smooth enough to complement his carefully chosen interiors.But there was one problem.The walls didn't look anything like the finished home he had imagined.They were uneven in places, rough to the touch, and covered with visible patches and minor surface imperfections. Rohan initially thought paint would fix everything.His contractor had a different answer.“Before the paint, we need to get the plastering right.”That conversation made Rohan realise somet..

Next Story
Infrastructure Urban

Embraer to Acquire 51 Per Cent Stake in Mahindra Aerospace Arm

Brazilian aerospace major Embraer will acquire a 51 per cent equity stake in Novavayu Aerospace, a step-down subsidiary of Mahindra and Mahindra, under an Investment Agreement notified by the automobile company in an exchange filing. The transaction will give Embraer control of the aerospace business. Following completion of the acquisition, Novavayu Aerospace will cease to be a wholly owned subsidiary and become an associate of Mahindra Defence Systems, which is a step-down wholly owned subsidiary of Mahindra and Mahindra. The agreement is expected to be completed on or before December 1. Mah..

Next Story
Infrastructure Urban

RBI Opens Special Dollar Window for Three State-Run OMCs

The Reserve Bank of India (RBI) has opened a special facility to meet the entire daily US dollar requirements of three public sector oil marketing companies (OMCs), in a move aimed at easing pressure on the Indian rupee. The facility will take effect on October 12, 2026, and remain available until further notice. Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation are eligible to use the arrangement. Under the facility, the RBI will sell US dollars to the three companies through designated banks, allowing them to meet their oil-import payments without sourc..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code