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 within 180 days. 

This initiative aims to meet UltraTech’s green energy requirements, reduce energy costs, and align with India’s captive power consumption regulations.