UltraTech Cement Ltd has entered into a power purchase agreement and share subscription agreement to acquire 26% equity shares of Amplus Omega Solar with an investment of up to INR 24.3 crore.
Amplus Omega Solar is a special purpose vehicle formed to set up a 30.85 MW hybrid project with battery storage in Gujarat and a 3.54 MW solar project in Rajasthan and Odisha for captive consumption by UltraTech Cement.
UltraTech Cement stated that the acquisition is for the purpose of meeting its green energy needs, optimizing energy cost, and comply with regulatory requirements for captive power consumption under electricity laws. The acquisition will complete within 180 days from the execution of the power purchase agreement and share subscription and shareholders agreement.
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