, India

ArcelorMittal, Greenko partner for 975MW RE dev’t in India

The commissioning of the project is expected by mid-2024.

Global steel firm ArcelorMittal entered a strategic partnership with India-based Greenko Group to develop a renewable energy project in India with a nominal capacity of 975MW.

In a statement, ArcelorMittal said the $600m project located in Andhra Pradesh in Southern India will combine solar and wind power and it will be supported by Greenko’s hydro pumped storage project, “which helps to overcome the intermittent nature of wind and solar power generation.”

The steel company’s joint venture firm in India ArcelorMittal Nippon Steel India, will enter a 25 year off-take agreement with ArcelorMittal to purchase  250 megawatts of renewable electricity yearly from the project.

It noted that it will result in over 20% of electricity requirement at the joint venture firm’s Hazira plant coming from renewable sources, and will reduce carbon emissions by around 1.5 million tonnes per year.

“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.

Anil Kumar Chalamalasetty, CEO and managing director at Greenko, said the company hopes the partnership “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,” he added. 

The project will be owned and funded by the steel firm, whilst Greenko will design, construct and operate the renewable energy facilities.

The project’s commissioning is expected by mid-2024.

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