UltraTech Cement to acquire 26% stake in Solar Power SPV for ₹27.75 crore

UltraTech Cement has entered into an Energy Supply Agreement and Share Subscription and Shareholders Agreement to acquire a 26% equity stake in Solaris Horizon Energy, a company engaged in renewable energy generation and transmission. The investment will enable UltraTech to source solar power on a captive basis for its plants in Mungeli district, Chhattisgarh.

UltraTech will invest up to ₹277.55 million (₹27.75 crore) in Solaris Horizon Energy. The special purpose vehicle (SPV), promoted by Waaree Forever Energies, is developing a 65 MW solar power project in Chhattisgarh.

The acquisition is expected to be completed within 180 days from the execution of the agreements. UltraTech said the investment is aimed at meeting its green energy requirements, optimising energy costs and complying with regulatory requirements applicable to captive power consumption under electricity laws.

UltraTech expands renewable energy capacity

The latest investment is part of UltraTech Cement’s broader strategy to increase its reliance on renewable and other clean energy sources.

During FY2026, the company commissioned 371 MW of renewable energy capacity, taking its total installed renewable energy capacity to 1.39 GW. It also added 63 MW of waste-heat recovery capacity, taking its total clean power capacity to 1.81 GW.

Green energy accounted for around 41% of UltraTech’s total power requirements in FY2026. Its green power mix increased to 43% in the fourth quarter of FY2026.