UltraTech Cement has announced plans to source renewable energy in a captive arrangement through CleanMax’s special-purpose vehicle (SPV), Clean Max Sapphire. The company has entered agreements for energy supply, 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. UltraTech Cement stated in its regulatory filing that this initiative aims to meet the company’s green energy requirements, reduce energy costs, and align with India’s regulations for captive power consumption.
In November 2024, UltraTech Cement Limited scaled up the use of electric trucks in its logistics operations, contracting 100 EV trucks to transport 75,000 tonnes of clinker monthly between Madhya Pradesh and Maharashtra. In August 2024, UltraTech raised $500 million through a sustainability-linked loan provided by six banks, to meet their sustainability and ESG goals.
