J.K. Cement Invests ₹5.10 Cr in O2 Renewable SPV for Karnataka Wind Project

J.K. Cement continues to push for a higher share of renewable energy in its operations. It has made an additional investment in O2 Renewable Energy V Private Limited (SPV), increasing its equity shareholding by 12.21%, acquired from JSW Neo Energy Limited. In a regulatory filing, the company said it has expanded its investment by ₹5 crore 10 lakh, raising its overall stake in the SPV from 16.76% to 28.97%.

Previous Projects

The SPV, incorporated on May 25, 2022, is a subsidiary of a foreign company and is registered with the Registrar of Companies, Delhi. The SPV has installed a 22 MW wind power project supplying power to J.K. Cement and other identified consumers. The project also forms part of a 240 MW wind–solar hybrid power project in Kudligi Taluk, Bellary District, Karnataka.

According to the company's investors presentation, JK Cement in the Q2FY26, has so far developed 154.84 MW captive solar and wind power project along with a 237.14 MW of green power capacity.

Changing Clean Energy Strategy

The deal marks a shift in JK Cement’s clean‑energy strategy. The new equity infusion in O2 Renewable gives the company partial ownership of generating assets, signaling a move from being a passive buyer to an active renewable‑power producer. This step could enhance long‑term supply security and support JK Cement’s stated goal of increasing the share of green energy in its overall power mix.

This approach contrasts with previous renewable-energy offtake arrangements under Power Purchase Agreements (PPAs). For example, JK Cement earlier secured PPAs with CleanMax for its 6.42 MW wind‑solar project at the Muddapur factory and with AmpIn for a 10 MWp solar supply to its Aligarh plant.