UltraTech Cement has agreed to acquire a 26 per cent stake in Solaris Horizon Energy Pvt Ltd for up to INR277.6m (US$3.2m) as part of efforts to increase its use of renewable energy.
UltraTech has entered into an Energy Supply Agreement and a Share Subscription and Shareholders Agreement with Solaris Horizon, a subsidiary of Waaree Forever Energies Pvt Ltd.
Solaris Horizon has been established as a special purpose vehicle to supply solar power to UltraTech’s cement plants in Chhattisgarh on a captive basis. The project, located in Mungeli district, will have capacity of 91MWp DC, equivalent to 65MW AC.
UltraTech said the investment would help meet its green energy requirements, optimise energy costs and comply with captive power regulations.
