According to reports from ET Now and Business Standard, UltraTech Cement has entered into definitive agreements to acquire a 26% equity stake in Solaris Horizon Energy Private Limited for an investment of up to ₹27.76 crore. The acquisition involves Solaris Horizon Energy, which is a subsidiary of Waaree Forever Energies Private Limited and operates in the renewable energy sector, specifically solar power generation and transmission. This investment represents a strategic move by UltraTech Cement to strengthen its position in the renewable energy sector through a special purpose vehicle designed to supply 91 MWp DC or 65 MW AC of solar power to UltraTech Cement's plants in Chhattisgarh on a captive basis. The company informed stock exchanges about the proposed investment on 12 August 2026.
As reported in the company's exchange filing, the investment is specifically aimed at meeting UltraTech Cement's green energy needs, optimising energy costs and complying with regulatory requirements for captive power consumption under electricity laws. Solaris Horizon Energy operates as a special purpose vehicle incorporated on December 10, 2025, with the solar project located in Village Puran, Mungeli district, Chhattisgarh. The acquisition aligns with UltraTech Cement's broader sustainability initiatives and cost management strategies in the energy sector, while ensuring compliance with regulatory frameworks for captive power consumption. The company views this as a crucial step towards sustainable operations and cost efficiency, with the project expected to help UltraTech increase the use of cleaner energy at its manufacturing plants while meeting legal requirements linked to the use of power generated for its own operations.
The proposed transaction is not a related-party transaction, with UltraTech Cement confirming that its promoter, promoter group and group companies have no interest in the acquisition. The transaction involves a cash consideration with UltraTech Cement making an equity investment of up to ₹27,75,50,000 (Rupees Twenty Seven Crore Seventy Five Lakhs Fifty Thousand Only) for the 26% stake. The company has entered into an Energy Supply Agreement, Share Subscription and Shareholders Agreement with Solaris Horizon Energy, and the transaction is expected to be completed within 180 days from the execution of these agreements. Solaris Horizon Energy reported nil turnover over the last three years, indicating its status as a newly established special purpose vehicle for this specific project. The investment strengthens UltraTech's efforts to secure renewable power for its cement operations while managing electricity expenses over the coming years.
According to recent company disclosures, UltraTech Cement has significantly expanded its renewable energy capacity, commissioning 371 MW of renewable energy capacity in FY 2026, bringing its total installed renewable capacity to 1.39 GW. The company also added 63 MW of waste-heat recovery capacity, bringing its total clean power capacity to 1.81 GW. Green energy met about 41% of the company's power requirements during FY 2026, while its green power mix reached 43% in the fourth quarter of FY 2026. UltraTech has set an ambitious target to increase its total green energy share to 85% by 2030. In March, the company signed agreements to source power from multiple solar projects including Sunsure Solarpark Seven's 60 MW captive solar project in Uttar Pradesh and Sunsure Solarpark Thirty Eight's 14 MW solar project in Dhule, Maharashtra. The company also invested ₹151.2 million (~$1.64 million) to acquire a 26% stake in AMPIN C&I Power Forty Four's 30 MW solar project.
