⚡ Quick Read
- What happened: Dalmia Cement (Bharat) has invested ₹44.2 million to acquire a 26.6% stake in Ventora Energy, an SPV of Ultra Mega Power, to source 8.1 MW of captive wind power in Tamil Nadu.
- Why it matters: This move highlights the growing trend of large industrial consumers utilizing the group captive model to meet RE100 commitments and optimize long-term energy costs.
- Watch: The completion of the transaction within the stipulated three-month window and the progress toward Dalmia’s FY26 target of 595 MW of renewable capacity.
Background and Context
Dalmia Cement (Bharat), a subsidiary of Dalmia Bharat, continues to aggressively expand its renewable energy portfolio to meet its ambitious sustainability targets. The company has committed to achieving net-zero emissions by 2030 and becoming carbon-negative by 2040. As part of its RE100 initiative, Dalmia has already achieved a fourfold increase in renewable energy consumption compared to its baseline. This latest investment reflects a strategic shift toward securing long-term, reliable green power through the group captive framework, ensuring compliance with evolving electricity regulations.
Key Details
Under the terms of the agreement, Dalmia Cement will acquire 4.42 million equity shares of Ventora Energy at ₹10 per share, totaling an investment of ₹44.2 million. This grants Dalmia a 26.6% stake in the SPV, which was incorporated in December 2025 by Ultra Mega Power. The deal includes a share subscription and shareholders’ agreement alongside a Power Purchase Agreement (PPA) to facilitate the sourcing of 8.1 MW of wind energy from a project currently under development in Tamil Nadu.
The company has demonstrated consistent growth in its green energy footprint. During FY25, Dalmia Bharat added 82 MW of renewable capacity, bringing its total to 267 MW, which includes 136 MW of solar capacity. The firm is currently on track to reach a total renewable capacity of 595 MW by the end of FY26.
What This Means for EPCs and Developers
For EPC contractors and wind developers, this transaction underscores the sustained demand for group captive projects among India’s heavy industries. Dalmia’s recent divestment from O2 Power’s SPV, OREV, and its simultaneous investment in new SPVs like Ventora Energy and TrueRE Surya (for 128 MW of solar) indicate that industrial giants are actively curating their renewable portfolios. Developers capable of delivering high-quality, regulatory-compliant captive projects in states like Tamil Nadu and Karnataka remain well-positioned to attract capital from large-scale industrial off-takers.
What Happens Next
The transaction is expected to close within three months. Market observers will be tracking the commissioning timeline of the Ventora Energy wind project in Tamil Nadu. Furthermore, with Dalmia aiming to reach 595 MW of renewable capacity by the end of FY26, further announcements regarding additional solar and wind capacity acquisitions are anticipated in the coming quarters as the company accelerates its transition to 100% renewable energy.
