UltraTech, AMPIN Partner for 45 MW Solar Project in Odisha

• UltraTech acquires 26% stake in AMPIN’s project SPV

• 45 MW solar project with battery storage planned in Odisha

• Partnership supports UltraTech’s growing renewable energy targets

Mumbai: UltraTech Cement has taken another step toward expanding its renewable energy portfolio by partnering with AMPIN Energy Transition for a solar-plus-storage power project in Odisha.

The company announced that it has acquired a 26% equity stake in AMPIN C&I Power Forty Four Private Limited, a special purpose vehicle (SPV) created to develop the renewable energy project. The investment was made through an Energy Supply Agreement and a Share Subscription and Shareholders’ Agreement, according to a regulatory filing.

The SPV will develop a 45 MWp DC / 30 MW AC solar power project with battery storage in Golamunda, located in the Kalahandi district of Odisha. The project will operate on a captive power basis, meaning the electricity generated will primarily be used by UltraTech for its own operations.

UltraTech said it will invest up to ₹15.12 crore to acquire the stake. The move is aimed at helping the cement major increase its share of renewable energy, manage long-term power costs, and comply with regulatory requirements related to captive power consumption under electricity laws.

The transaction is expected to be completed within 180 days from the signing of the agreements.

UltraTech Cement has been steadily increasing the share of renewable energy in its overall power mix. According to Managing Director Kailash C. Jhanwar, renewable sources currently contribute around 41% of the company’s energy consumption, and the company plans to increase this share to nearly 60% in the coming years.

This is not the first renewable energy partnership between UltraTech and AMPIN. Earlier, the two companies worked together on a 75 MWp DC / 50 MW AC solar project in Rajasthan for captive consumption. That project was developed through another SPV, AMPIN C&I Power Eight Private Limited, in which UltraTech also acquired a 26% stake.

The new solar project also highlights Odisha’s growing importance as a destination for large-scale industrial and energy investments. Recently, Hindalco Industries, part of the Aditya Birla Group, commissioned a 1.7 lakh tonne per annum flat rolled products and battery-grade aluminium foil manufacturing facility in the state.

The facility is being developed with an investment of around ₹4,500 crore, signalling increasing investor interest in Odisha’s manufacturing and energy ecosystem.

Industry experts say partnerships like the UltraTech–AMPIN solar project will play a key role in helping large industrial companies reduce carbon emissions while ensuring reliable and cost-efficient power supply.

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