ArcelorMittal, Greenko to jointly set up renewable energy project
POWER & RENEWABLE ENERGY

ArcelorMittal, Greenko to jointly set up renewable energy project

Steel manufacturing company ArcelorMittal has entered a strategic partnership with Greenko Group to set up renewable energy projects worth $600 million.

The two companies will work together for the construction of a 24x7 or ‘round-the-clock’ nominal solar and wind capacity project of 975 MW. The project cost is $600 million, supported by a hydro pumped storage project of Greenko, and will be owned as well as funded by ArcelorMittal.

Greenko shall design, construct, and operate several renewable energy facilities set up in Andhra Pradesh, Southern India. ArcelorMittal Nippon Steel India, a joint venture of ArcelorMittal in India, will be signing a 25-year offtake agreement with ArcelorMittal for the purchase of 250 MW of renewable power per year from the project.

The project is expected to be commissioned by mid-2024 while the transmission will be via Power Grid Corporation of India.

As per a statement, the project will result in more than 20% of the electricity requirement at Hazira plant of ArcelorMittal Nippon Steel India coming from renewable sources, while will reduce annual carbon emissions by about 1.5 million tonnes.

The project offers ArcelorMittal Nippon Steel India lower electricity costs as well as lower carbon dioxide emissions. It further provides an attractive Return On Investment (ROI) for ArcelorMittal.

Image Source


Also read: ArcelorMittal plans to set up 4.5 GW solar park in Rajasthan

Steel manufacturing company ArcelorMittal has entered a strategic partnership with Greenko Group to set up renewable energy projects worth $600 million. The two companies will work together for the construction of a 24x7 or ‘round-the-clock’ nominal solar and wind capacity project of 975 MW. The project cost is $600 million, supported by a hydro pumped storage project of Greenko, and will be owned as well as funded by ArcelorMittal. Greenko shall design, construct, and operate several renewable energy facilities set up in Andhra Pradesh, Southern India. ArcelorMittal Nippon Steel India, a joint venture of ArcelorMittal in India, will be signing a 25-year offtake agreement with ArcelorMittal for the purchase of 250 MW of renewable power per year from the project. The project is expected to be commissioned by mid-2024 while the transmission will be via Power Grid Corporation of India. As per a statement, the project will result in more than 20% of the electricity requirement at Hazira plant of ArcelorMittal Nippon Steel India coming from renewable sources, while will reduce annual carbon emissions by about 1.5 million tonnes. The project offers ArcelorMittal Nippon Steel India lower electricity costs as well as lower carbon dioxide emissions. It further provides an attractive Return On Investment (ROI) for ArcelorMittal. Image SourceAlso read: ArcelorMittal plans to set up 4.5 GW solar park in Rajasthan

Next Story
Infrastructure Urban

3i Infotech Reports Rs 7.25 Bn Revenue for FY25

3i Infotech, a leading provider of digital transformation, technology services and technology solutions, announced its consolidated financial results for the fourth quarter and full year FY25, ended on March 31st, 2025. The company maintained its growth momentum, displaying consistent progress for the 3rd consecutive quarter.In Q4 FY25, 3i Infotech reported revenue of Rs 1.87 billion, reflecting steady performance compared to Rs 1.81 billion in Q3 FY25 and Rs 1.97 billion in Q4 FY24. The company delivered strong profitability improvements, with gross margin growing by 14.8 per cent Q-o-Q and 1..

Next Story
Infrastructure Urban

Emerald Finance Joins Baya PTE to Boost SME Bill Discounting

Emerald Finance is a dynamic company offering a spectrum of financial products and services including its flagship Earned Wage Access (EWA) in India, has entered into a strategic partnership with Singapore-based Baya PTE through its Indian subsidiary. This collaboration aims to strengthen bill discounting services for Small and Medium Enterprises (SMEs), enabling faster access to working capital and improved cash flow management.The initiative is designed to support SMEs that supply to large corporates such as JSW Steel, Delhivery, and PVR INOX, among others. By facilitating timely invoice dis..

Next Story
Infrastructure Urban

BLS E-Services Crosses Rs 5 Bn Revenue Mark in FY25

BLS E-Services, a technology-enabled digital service provider, announced its audited consolidated financial results for the quarter and full year period ended 31 March 2025.Speaking about the performance and recent updates, Shikhar Aggarwal, Chairman, BLS E- Services said, “We are delighted to report a remarkable performance in FY25, as we achieved several milestones during the fiscal year. FY25 marked our highest-ever financial performance, as we surpassed Rs 5 billion milestone in Total Income during the year, which was reported at Rs 5.45 billion, a notable YoY growth of 76 per cent. The ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?