ArcelorMittal has established a strategic partnership with India’s leading energy transition company Greenko Group to develop a round the clock renewable energy project with 975 MW of nominal capacity. The USD 0.6 billion project will combine solar and wind power and be supported by Greenko’s hydro pumped storage project, which helps to overcome the intermittent nature of wind and solar power generation. The project will be owned and funded by ArcelorMittal. Greenko will design, construct and operate the renewable energy facilities in Andhra Pradesh in Southern India. Project commissioning is expected by mid-2024. ArcelorMittal’s joint venture company in India, ArcelorMittal Nippon Steel India will enter into a 25 year off-take agreement with ArcelorMittal to purchase 250 MW of renewable electricity annually from the project. This will result in over 20% of the electricity requirement at AM/NS India’s Hazira plant coming from renewable sources, reducing carbon emissions by approximately 1.5 million tonnes per year. AM/NS India CEO Mr Dilip Oommen said “The strategic renewable energy project reinforces our firm commitment towards sustainability that lays strong emphasis on decarbonization of steel. The partnership is the right step towards our quest to reduce carbon footprint, enabling India to accelerate the transition towards a green economy.”The project offers AM/NS India the dual benefits of lower electricity costs and lower CO2 emissions, and it also provides an attractive return on investment for ArcelorMittal.Greenko is one of India’s leading Renewable Energy companies, replacing fossil fuels with integrated decarbonized energy and grid assets enabling sustainable and affordable energy, with a net installed capacity of 7.5 GWdc across 15 States in India.
ArcelorMittal has established a strategic partnership with India’s leading energy transition company Greenko Group to develop a round the clock renewable energy project with 975 MW of nominal capacity. The USD 0.6 billion project will combine solar and wind power and be supported by Greenko’s hydro pumped storage project, which helps to overcome the intermittent nature of wind and solar power generation. The project will be owned and funded by ArcelorMittal. Greenko will design, construct and operate the renewable energy facilities in Andhra Pradesh in Southern India. Project commissioning is expected by mid-2024. ArcelorMittal’s joint venture company in India, ArcelorMittal Nippon Steel India will enter into a 25 year off-take agreement with ArcelorMittal to purchase 250 MW of renewable electricity annually from the project. This will result in over 20% of the electricity requirement at AM/NS India’s Hazira plant coming from renewable sources, reducing carbon emissions by approximately 1.5 million tonnes per year. AM/NS India CEO Mr Dilip Oommen said “The strategic renewable energy project reinforces our firm commitment towards sustainability that lays strong emphasis on decarbonization of steel. The partnership is the right step towards our quest to reduce carbon footprint, enabling India to accelerate the transition towards a green economy.”The project offers AM/NS India the dual benefits of lower electricity costs and lower CO2 emissions, and it also provides an attractive return on investment for ArcelorMittal.Greenko is one of India’s leading Renewable Energy companies, replacing fossil fuels with integrated decarbonized energy and grid assets enabling sustainable and affordable energy, with a net installed capacity of 7.5 GWdc across 15 States in India.
