UltraTech Cement Limited has signed an energy source agreement (ESA) with CleanMax’s special-purpose vehicle (SPV), Clean Max Sapphire to source renewable energy in a captive arrangement.
The company has also signed a share subscription, and shareholder rights, acquiring a 26 per cent equity share in the SPV. The investment amounts to Rs 457.6 million. 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.