UltraTech Cement to Procure Wind-Solar Hybrid Power from CleanMax
UltraTech Cement Ltd. has partnered with CleanMax to procure renewable energy in a captive mode from a 55 MW wind-solar hybrid project in Karnataka. The company picked up a 26 percent stake in the SPV Clean Max Sapphire.
December 27, 2024. By Mrinmoy Dey
The company has entered into an energy supply agreement and share subscription and shareholders’ agreement to acquire 26 percent equity shares of Clean Max Sapphire Pvt. Ltd, a project special purpose vehicle (SPV), UltraTech informed in an exchange filing.
The SPV is for setting up a 55 MW wind-solar hybrid power project, on a captive basis, at Honawad Village of Vijayapura district in Karnataka.
It further added that the acquisition will involve equity investment of up to about INR 45.76 crore.
“The acquisition is for the purposes of meeting the company’s green energy needs, optimising energy cost and complying with regulatory requirements for captive power consumption under electricity laws,” it noted.
UltraTech Cement's 2023 Annual Report highlights that 19.27 percent (650 MW) of its total energy consumption came from green energy during the year. The company expanded its renewable power capacity by 76 MW in 2023, reaching a total of 345 MW.
UltraTech aims to achieve 100 percent renewable electricity by 2050. The company’s Ratnagiri cement grinding unit in Maharashtra is already operating entirely on renewable energy.
This December, Godrej Industries announced that it will procure hybrid renewable energy from CleanMax for its factory located in Valia, Gujarat.
In October, Google announced a collaboration with CleanMax to develop a 125.4 MW hybrid project, consisting of 66 MW of solar generation capacity in Rajasthan and 59.4 MW of wind generation capacity in Karnataka.
In November, APM Terminals Pipavav (Gujarat Pipavav Port Ltd.) announced a partnership with CleanMax to procure wind-solar hybrid power in Gujarat under a third-party open access model.
In November 2024, CleanMax signed a PPA with Equinix to supply RE power to the latter’s data centres in Mumbai. The captive power projects, which comprise 26.4 MWp of solar capacity and 6.6 MW of wind capacity, are set to become operational in phases in 2025.
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