Hyderabad-based 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 will build a 975-MW round-the-clock renewable energy complex in India for steel and mining giant ArcelorMittal SA, the latter announced on Tuesday.
Greenco Group is committed towards transforming renewable energy from real-time energy to a dispatchable and controlled medium through digitization and storage solutions to support the economy-wide shift towards a carbon-neutral electricity mix in the Country. The company has already initiated Integrated Renewable Energy Storage Projects in the states of AP, MP and Karnataka. Headquartered in Hyderabad, India, Greenko is leading the digitization, decarbonization and decentralization of the Indian energy market by providing utility-scale, clean and affordable energy to meet the country’s long-term energy security needs.
Under the newly-established partnership, Greenko will design, construct and operate solar and wind parks in Andhra Pradesh, with project commissioning planned for mid-2024. ArcelorMittal, which will own the plants, estimates it will need to invest roughly USD 600 million (EUR 543m) in the project.
In order to overcome the intermittent nature of wind and solar power generation, the new facilities will be supported by a pump-storage hydropower plant owned by Greenko.
ArcelorMittal’s local joint venture, namely ArcelorMittal Nippon Steel India (AM/NS India), will sign a 25-year offtake deal tied to 250 MW of capacity from the new complex. The purchased electricity volume will be enough to cover more than 20% of the power needs of the JV’s Hazira plant, the announcement says.