UltraTech Cement to source renewable energy from CleanMax SPV
UltraTech Cement has announced plans to source renewable energy through a captive arrangement with CleanMax’s special-purpose vehicle (SPV), Clean Max Sapphire. The company has acquired a 26% equity share in the SPV for Rs 457.6 million, entering agreements for energy supply, share subscription, and shareholder rights. The SPV will develop a 55 MW wind-solar hybrid project in Honawad, Vijayapur district, Karnataka, to supply power to UltraTech Cement. The share acquisition is expected to be completed…