Waaree Energies Limited has announced a significant development with its wholly-owned subsidiaries, Waaree Forever Energies Private Limited (WFEPL) and Solaris Horizon Energy Private Limited (SHEPL), entering into an Energy Supply Agreement (ESA) and Share Subscription and Shareholders’ Agreement (SSHA) with Ultratech Cement Limited (UCL). Under this agreement, UCL will subscribe to 26% of SHEPL’s equity share capital, involving a cash consideration of INR 27,75,50,000. The ESA facilitates the supply and offtake of electricity generated from a project undertaken by SHEPL.
Key Strategic Agreements Signed
Waaree Energies Limited has disclosed the execution of crucial agreements by its subsidiaries, marking a strategic step in its energy sector operations. The company’s wholly-owned subsidiary, Waaree Forever Energies Private Limited (WFEPL), and WFEPL’s own wholly-owned subsidiary, Solaris Horizon Energy Private Limited (SHEPL), have entered into an Energy Supply Agreement (ESA) and a Share Subscription and Shareholders’ Agreement (SSHA) with Ultratech Cement Limited (UCL).
Share Subscription and Funding
As per the SSHA, Ultratech Cement Limited will acquire a substantial stake, subscribing to and holding 26% of the total paid-up equity share capital of SHEPL. This transaction involves a significant cash consideration amounting to INR 27,75,50,000 (Rupees Twenty Seven Crore Seventy Five Lakhs Fifty Thousand Only). SHEPL has been incorporated as a special purpose vehicle for the Financial Year 2025-26 and is yet to commence its business operations.
Energy Supply and Offtake
Complementing the share subscription, the ESA governs the arrangement for the supply and offtake of electricity generated from the project developed by SHEPL. This agreement signifies a commitment to renewable energy sourcing and utilization between the parties involved.
Project Timeline and Details
The expected completion date for the sale/disposal aspect of the agreement is set within 180 days from the execution of both the Energy Supply Agreement and the Share Subscription and Shareholders’ Agreement. This timeline is, however, subject to the fulfillment of various conditions precedent and subsequent as outlined in the agreements. Ultratech Cement Limited, the counterparty, is a major player in the cement industry and is not affiliated with Waaree Energies’ Promoter/Promoter Group.
The transaction has been confirmed to have been entered into on August 12, 2026. Importantly, this transaction is not considered a related party transaction, and it is confirmed to be conducted at ‘arm’s length’.
Source: BSE
