ArcelorMittal and Greenko to build renewable project in India

Note* - All images used are for editorial and illustrative purposes only and may not originate from the original news provider or associated company.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from any location or device.

Media Packs

Expand Your Reach With Our Customized Solutions Empowering Your Campaigns To Maximize Your Reach & Drive Real Results!

– Access the Media Pack Now

– Book a Conference Call

– Leave Message for Us to Get Back

Related stories

New EU Energy Platform to Boost Industry, Slash Emissions

In a bold step to enhance Europe’s industrial competitiveness...

GSE and NuScale Power Develop Hydrogen Simulator Project

GSE Solutions has developed a simulation model for hydrogen...

US Fuel Cell Generates Power and Hydrogen from Water

Engineers at West Virginia University have developed an advanced...

PowerCell Receives Order for MS-500 Marine Fuel Cell System

Swedish hydrogen fuel cell provider PowerCell has signed a...

Luxembourg-based steel producer ArcelorMittal has partnered with Indian energy company Greenko Group to develop a 975MW renewable energy project in Andhra Pradesh, India.

ArcelorMittal will fund and own the project, while Greenko will be responsible for its design, construction and operation.

ArcelorMittal has agreed to invest $600m to develop the project. Greenko managing director and CEO Anil Kumar Chalamalasetty 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 500GW of renewable energy capacity by 2030.”

The renewable power project will combine solar and wind power and be supported by Greenko’s pumped hydro storage project. It is expected to be commissioned by mid-2024.

Once operational, the clean energy generated by the project will be sold to ArcelorMittal Nippon Steel India (AM/NS India) under a 25-year power purchase agreement with ArcelorMittal.

AM/NS India is a joint venture company formed by ArcelorMittal and Nippon Steel. The company will procure 250MW of clean energy from the project a year, which will be enough to meet more than 20% of the power requirements of AM/NS India’s Hazira plant.

The amount of clean energy purchased will be equivalent to reducing nearly 1.5 million tonnes of carbon emissions a year.

ArcelorMittal CEO Aditya Mittal said: “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.”

According to Business Standard, ArcelorMittal has set a target to offset 25% of its carbon emissions level by 2030 at an expected cost of $10bn.

Latest stories

Related stories

New EU Energy Platform to Boost Industry, Slash Emissions

In a bold step to enhance Europe’s industrial competitiveness...

GSE and NuScale Power Develop Hydrogen Simulator Project

GSE Solutions has developed a simulation model for hydrogen...

US Fuel Cell Generates Power and Hydrogen from Water

Engineers at West Virginia University have developed an advanced...

PowerCell Receives Order for MS-500 Marine Fuel Cell System

Swedish hydrogen fuel cell provider PowerCell has signed a...

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from any location or device.

Media Packs

Expand Your Reach With Our Customized Solutions Empowering Your Campaigns To Maximize Your Reach & Drive Real Results!

– Access the Media Pack Now

– Book a Conference Call

– Leave Message for Us to Get Back