UltraTech, AMPIN Partner For 45 MW Solar-Plus-Storage Project in Odisha

UltraTech Cement Limited has acquired a 26% equity stake in AMPIN C&I Power Forty Four Private Limited, a renewable energy company, through an Energy Supply Agreement as well as a Share Subscription and Shareholders’ Agreement. Under the arrangement, AMPIN C&I Power Forty Four Private Limited, the special purpose vehicle (SPV), will develop a 45 MWp DC / 30 MW AC solar power project on a captive basis, along with battery storage, at Golamunda in the Kalahandi district of Odisha.

In a regulatory filing, UltraTech stated that it has made an equity investment of up to Rs 15,12,00,000 for the acquisition. The investment is aimed at helping the company meet its green energy requirements, optimise energy costs, and comply with regulatory requirements for captive power consumption under electricity laws. The acquisition is expected to be completed within 180 days from the execution of the Energy Supply Agreement and the Share Subscription and Shareholders’ Agreement.

Previous Collaboration Between UltraTech and AMPIN

Speaking about the company’s renewable energy adoption, Kailash C. Jhanwar, Managing Director of UltraTech Cement, stated that its renewable energy share has reached nearly 41% and is likely to increase to 60% going forward.

In a bid to increase the company’s renewable energy sourcing, UltraTech and AMPIN had previously collaborated to develop a 75 MWp DC / 50 MW AC solar power project for captive consumption in Sindhari village, Balotara district, Rajasthan. Through AMPIN C&I Power Eight, a special purpose vehicle (SPV), UltraTech entered into a Share Subscription and Shareholders’ Agreement to acquire a 26% stake in AMPIN C&I Power Eight Private Limited.

Odisha is increasingly attracting large-scale industrial and energy investments. For instance, Hindalco Industries Ltd, the metals flagship of the Aditya Birla Group, expanded its aluminium operations in Odisha with the commissioning of a 1.7 lakh-tonne-per-annum Flat Rolled Products (FRP) and battery-grade aluminium foil manufacturing facility. The project is being developed with an investment of ₹4,500 crore.