ArcelorMittal establishes strategic renewable energy partnership with Greenko Group in India
March 22 2022 - 3:30AM
- Companies to work together to construct
975 MW of nominal solar and wind
capacity
- Utilising Greenko’s
hydro pump storage project, 250
MW of uninterrupted
renewable power will be
supplied annually to
AM/NS India under
25-year
off-take,
reducing AM/NS
India’s carbon emissions by 1.5
million tonnes per
annum
22 March
2022,
08:30
CET
ArcelorMittal (the ‘Company’) today announces it has established
a strategic partnership with Greenko Group, India’s leading energy
transition company, to develop a ‘round the clock’ renewable energy
project with 975 MW of nominal capacity.
The c. $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, Southern India. Project commissioning is
expected by mid-2024.
ArcelorMittal’s joint venture company in India, ArcelorMittal
Nippon Steel India (AM/NS 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.
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.
Commenting, Aditya Mittal, CEO,
ArcelorMittal, said:
“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.
“Large amounts of green energy are one of the
key foundations for both a net zero economy and a decarbonised
steel industry. We are excited about the potential of replicating
this model in other regions. It demonstrates how establishing
partnerships and collaborating across the supply chain can help us
to progress faster towards our decarbonisation targets.”
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.”
More details on ArcelorMittal’s climate action ambitions,
strategy, technologies and ongoing decarbonisation projects can be
found here.
ENDS
About ArcelorMittal
ArcelorMittal is the world’s leading steel and
mining company, with a presence in 60 countries and primary
steelmaking facilities in 16 countries. In 2021, ArcelorMittal had
revenues of $76.6 billion and crude steel production of 69.1
million metric tonnes, while iron ore production reached 50.9
million metric tonnes.
Our goal is to help build a better world with
smarter steels. Steels made using innovative processes which use
less energy, emit significantly less carbon and reduce costs.
Steels that are cleaner, stronger and reusable. Steels for electric
vehicles and renewable energy infrastructure that will support
societies as they transform through this century. With steel at our
core, our inventive people and an entrepreneurial culture at heart,
we will support the world in making that change. This is what we
believe it takes to be the steel company of the future.
ArcelorMittal is listed on the stock exchanges
of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and
on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and
Valencia (MTS).
For more information about ArcelorMittal please
visit: http://corporate.arcelormittal.com/
About Greenko
Group:
Greenko Group has an installed capacity base of
7.3 GW across solar, wind and hydro generation technologies spread
over ~100+ projects across 15 states and delivering 20+ Bn units of
renewable energy annually across the country constituting ~1.5-2%
of total India electricity needs.
Greenko Group is the world’s largest energy
storage company and one of the largest clean energy companies
globally. The Group is focused on enabling carbon neutral solutions
to achieve net zero goals of corporates and global economies at
scale through its intelligent energy platform and green hydrogen
production systems. The company has under construction 30 Giga Watt
Hours of lowest cost storage capacity as part of its plan in
developing energy storage cloud platform of 100 Giga Watt
Hours.
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