India: UltraTech Cement has entered into an energy supply agreement and a share subscription and shareholders agreement with Solaris Horizon Energy, which is engaged in the generation and transmission of renewable energy. Specifically, it has agreed to acquire a 26% equity stake in the solar power producer for an investment of up to US$2.9m.
Solaris Horizon Energy has been set up as a special purpose vehicle to supply 91MW DC or 65MW AC of solar power to UltraTech Cement’s plants in Chhattisgarh on a captive basis.
In an exchange filing the company said "The acquisition is for the purposes of meeting the company’s green energy needs, optimising energy costs and complying with regulatory requirements for captive power consumption under electricity laws.”