India-based JK Lakshmi Cement Ltd has acquired a 26 per cent equity stake in a special purpose vehicle (SPV), established by Ampin Energy Transition Pvt Ltd. The deal is valued at INR40m (US$467,426).

The SPV will build a 9.9MWp solar power plant to enable JK Lakshmi Cement to reduce its reliance on conventional power sources and to cut power costs across its cement plants. 

The SPV will supply JK Cement with solar power at a competitive market rate for a period of 15 years.