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					</table><p>Dalmia Cement (Bharat) (<a href="https://www.dalmiacement.com/" target="_blank" rel="noopener">DCBL</a>), a wholly owned subsidiary of Dalmia Bharat, has entered into agreements to acquire a 41% stake in Oyster Green Hybrid Five to source power from its 35.6 MW wind-solar hybrid project on a captive basis.</p>
<p>The stake corresponds to 26% on a fully diluted basis.</p>
<p>Oyster Green Hybrid Five is a special purpose vehicle (SPV) of Oyster Renewable Energy. The hybrid project, comprising 21.6 MW of wind and 14 MW of solar capacity, will supply power to DCBL’s plant in Kadapa, Andhra Pradesh.</p>
<p>The company will invest approximately ₹173.5 million (~$2 million) in one or more tranches to acquire 17.35 million equity shares in the SPV at a face value of ₹10 (~$0.10) each.</p>
<p>The acquisition is expected to be completed within four months of the date of the agreement.</p>
<p>Dalmia Bharat said the investment is aimed at increasing its renewable energy sourcing as part of its goal to achieve 100% renewable electricity by 2030 and become carbon-negative by 2040.</p>
<p>This March, DCBL <a href="https://www.mercomindia.com/dalmia-cement-to-source-8-1-mw-of-wind-power-from-ultra-mega-power" target="_blank" rel="noopener">entered</a> into agreements with Ventora Energy, an SPV of Ultra Mega Power, to source up to 8.1 MW of captive wind power in Tamil Nadu.</p>
<p>In January this year, DCBL <a href="https://www.mercomindia.com/dalmia-sells-its-stake-in-o2-powers-wind-energy-spv-for-%E2%82%B9108-2-million" target="_blank" rel="noopener">sold</a> its entire 25.44% stake in O2 Power’s SPV O2 Renewable Energy V (OREV) for ₹108.2 million (~$1.2 million). The company had acquired the stake in the SPV to source 11 MW of wind energy from its project in Karnataka as a captive consumer. Dalmia transferred 12.23% of its stake in OREV to JSW Neo Energy, 4.99% to Goldman Sachs Services, and 8.23% to Syngene International.</p>
<p>Earlier, the company <a href="https://www.mercomindia.com/dalmia-cement-expands-solar-use-to-procure-128-mw-from-oriana" target="_blank" rel="noopener">announced</a> that it would source up to 128 MW of solar power from an under-construction Tamil Nadu-based project by Oriana Power’s SPV TrueRE Surya. Dalmia invested ₹428.7 million (~$4.74 million) to acquire more than 26.26 million equity shares for a 26% stake in TrueRE Surya.</p>
<p>Mercom India <a href="https://www.mercomindia.com/event/c-and-i-clean-energy-meet" target="_blank" rel="noopener">hosts</a> a multi-city C&amp;I Clean Energy Meets series to equip commercial and industrial energy buyers with the insights and tools needed to adopt clean energy solutions and reduce electricity costs. The next Clean Energy Meet will be <a href="https://www.mercomindia.com/event/c-and-i-clean-energy-meet-2026-jodhpur">held</a> in Jodhpur on May 15, 2026.</p>


Dalmia Subsidiary to Source Power from Oyster’s 35.6 MW Hybrid Project


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					</table><p>Dalmia Cement (Bharat), a wholly owned subsidiary of <a href="https://www.dalmiacement.com/" target="_blank" rel="noopener">Dalmia Bharat</a>, has entered into agreements with Ventora Energy, a special purpose vehicle (SPV) of <a href="https://ultramega.co.in/" target="_blank" rel="noopener">Ultra Mega Power</a>, to source up to 8.1 MW of captive wind power in Tamil Nadu.</p>
<p>Dalmia Cement (Bharat) will acquire 4.42 million equity shares at ₹10 (~$0.11) each, totaling ₹44.2 million (~$471,066), for a 26.6% stake in Ventora Energy.</p>
<p>The investment, to be made in one or more tranches, is intended to support the company’s renewable energy requirements.</p>
<p>The transaction, which is structured through a share subscription and shareholders’ agreement, and a power purchase agreement (PPA), is expected to be completed within three months.</p>
<p>Ventora Energy, incorporated in December 2025, operates in the wind power generation sector and is developing a captive wind energy project in Tamil Nadu.</p>
<p>The acquisition aligns with Dalmia’s sustainability goals, including achieving net-zero by 2030 and becoming carbon-negative by 2040, while ensuring compliance with captive power regulations under electricity laws.</p>
<p>During the financial year (FY) 2025, Dalmia Bharat increased its renewable power capacity by 82 MW to 267 MW and remains on track to achieve 595 MW by the end of FY26. As part of its RE100 commitment, it has already achieved a fourfold increase in renewable energy consumption relative to the RE100 baseline and is committed to a long-term transition to 100% renewable energy.</p>
<p>The company has an existing solar capacity of 136 MW. Additionally, Dalmia commissioned 59 MW of group captive solar and wind projects during FY25.</p>
<p>In January this year, Dalmia Cement (Bharat) <a href="https://www.mercomindia.com/dalmia-sells-its-stake-in-o2-powers-wind-energy-spv-for-%E2%82%B9108-2-million" target="_blank" rel="noopener">sold</a> its entire 25.44% stake in O2 Power’s SPV O2 Renewable Energy V (OREV) for ₹108.2 million (~$1.2 million). The company had acquired the stake in the SPV to source 11 MW of wind energy from its project in Karnataka as a captive consumer. Dalmia transferred 12.23% of its stake in OREV to JSW Neo Energy, 4.99% to Goldman Sachs Services, and 8.23% to Syngene International.</p>
<p>Earlier, the company <a href="https://www.mercomindia.com/dalmia-cement-expands-solar-use-to-procure-128-mw-from-oriana" target="_blank" rel="noopener">announced</a> that it would source up to 128 MW of solar power from an under-construction Tamil Nadu-based project by Oriana Power’s SPV TrueRE Surya. Dalmia invested ₹428.7 million (~$4.74 million) to acquire more than 26.26 million equity shares for a 26% stake in TrueRE Surya.</p>


Dalmia Cement to Source 8.1 MW of Wind Power from Ultra Mega Power


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					</table><p>Dalmia Cement Bharat (<a href="https://www.dalmiacement.com/environment--renewable-energy" target="_blank" rel="noopener">DCBL</a>) will be procuring wind power from Atria&#8217;s 6 MW wind power project in Karnataka as a captive consumer.</p>
<p>The company has entered into a Share Purchase &amp; Shareholders Agreement to acquire 5.39% of Atria Wind Power&#8217;s equity share capital. The acquisition consists of 180,000 equity shares for ₹34.7 million (~$412,749) to be made in one or more tranches.</p>
<p>The transaction is expected to be completed within three months.</p>
<p>Atria Wind Power is a special-purpose vehicle for setting up captive wind power projects in Karnataka. The company was incorporated in 2016, and its turnover for the financial year 2023-24 was ₹409 million (~$4.86 million).</p>
<p>The acquisition will help Dalmia Cement enhance its renewable power supply and achieve its commitment to carbon neutrality by 2040.</p>
<p>According to its Integrated Annual Report 2023-24, Dalmia Cement has 185 MW of renewable energy capacity, of which 19 MW was commissioned in 2023-24. Its solar capacity is 113 MW as of 2024.</p>
<p>The company meets 7% of its energy needs from renewable energy. It has set an ambitious interim target to increase its percentage of renewable energy consumption fourfold by 2030 compared to 2015.</p>
<p>In a bid to achieve its renewable energy goals, Dalmia Cement <a href="https://www.mercomindia.com/dalmia-cement-to-power-from-solsolis-energy" target="_blank" rel="noopener">announced</a> it would procure up to 11.2 MW of solar power as a captive consumer from Solsolis Solar Energy Solutions in Odisha. It entered into a share subscription and shareholders agreement to acquire 26% of Solsolis’ equity.</p>
<p>It also <a href="https://www.mercomindia.com/dalmia-cement-to-procure-11-mw-of-solar-power-from-bijlee-kandasamy" target="_blank" rel="noopener">entered</a> into a share subscription and shareholder agreement to acquire 25.38% of Bijlee Kandasamy’s equity to procure up to 11 MW of solar power as a captive consumer from Bijlee Kandasamy in Tamil Nadu.</p>
<p>According to credit ratings agency ICRA, green power will <a href="https://www.mercomindia.com/green-power-cement-companies-power-mix" target="_blank" rel="noopener">comprise</a> 40-42% of the total power mix of major cement companies in India by March 2025.</p>


Dalmia Cement to Procure 6 MW Power from Atria Wind in Karnataka

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