UltraTech acquires stake in AMPIN solar project in Odisha

UltraTech Cement Limited has acquired a 26% equity stake in AMPIN C&I Power Forty Four Private Limited, a special purpose vehicle (SPV) developing a 45 MWp direct current (DC) / 30 MW alternating current (AC) solar power project with battery storage in Kalahandi district, Odisha. The investment, valued at up to Rs 15.12 crore, is intended to support the company’s renewable energy sourcing and reduce energy costs.

According to a regulatory filing, the transaction is being carried out through an Energy Supply Agreement as well as a Share Subscription and Shareholders’ Agreement. The project will be located at Golamunda in Kalahandi district and will be developed on a captive basis with integrated battery storage. The acquisition is expected to be completed within 180 days from the execution of the agreements.

UltraTech stated that the investment will enable the company to meet regulatory requirements for captive power consumption under applicable electricity laws while supporting its broader renewable energy strategy.

Kailash C. Jhanwar, Managing Director of UltraTech Cement Limited, said the company’s renewable energy share has reached nearly 41 percent and is expected to rise to about 60 percent in the coming years. The investment forms part of UltraTech’s ongoing efforts to expand its captive renewable energy portfolio.

This development represents the second collaboration between UltraTech and AMPIN Energy in captive solar projects. The companies had earlier partnered to develop a 75 MWp DC / 50 MW AC solar power project at Sindhari village in Balotara district, Rajasthan, through AMPIN C&I Power Eight Private Limited, in which UltraTech also acquired a 26% equity stake.

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