JK Cement raises stake in O2 Renewable Energy V

JK Cement Limited has expanded its investment in O2 Renewable Energy V Private Limited with a further 12.21 per cent equity purchase for about Rs 0.05 billion. The transaction lifts its total shareholding in the O2 Power SPV to 28.97 per cent.

The company bought 46,45,658 shares from JSW Neo Energy Limited at Rs 11.18 per share. The higher stake strengthens JK Cement Limited’s renewable energy portfolio and its position in a 22 MW wind project in Karnataka that supplies power to JK Cement Limited and other consumers.

The 22 MW asset forms part of a larger 240 MW wind solar hybrid project in Karnataka. In 2022, O2 Power announced an agreement with JK Cement Limited for the supply of 22 MW of renewable energy from the Karnataka plant to JK Cement Limited’s manufacturing units.

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