ArcelorMittal-Greenko to produce renewable energy in AP – EQ Mag Pro
Mumbai: ArcelorMittal on Tuesday said it has partnered with Greenko Group to develop a ’round the clock’ renewable energy project with 975 MW of nominal capacity, at a cost of USD 600 million, in Andhra Pradesh, the company said in a statement issued here.
The 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, it further said.
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. “This is an attractive opportunity for ArcelorMittal. We will be partnering with a highly experienced energy transition company in a project that will enable our joint venture company AM/NS India to reduce both its electricity costs and carbon emissions, as well as providing consistent, guaranteed returns for ArcelorMittal,” ArcelorMittal CEO Aditya Mittal said.
Commenting on the partnership, Anil Kumar Chalamalasetty, CEO and Managing Director at Greenko said, “This is a pioneering partnership with the world’s leading steelmaker and we hope it will serve as a blueprint for the adoption of renewable power for large-scale steel manufacturing in India. These efforts will also represent a notable contribution to India’s own commitment to build 500 GW of renewable energy capacity by 2030.” The project will be owned and funded by ArcelorMittal, while Greenko will design, construct and operate the renewable energy facilities in Andhra Pradesh. The project commissioning is expected by mid-2024, the statement added.
Source: UNI
