ArcelorMittal, Greenko to jointly set up renewable energy project

25 Mar 2022 CW Team

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

Infrastructure Urban

07 Oct 2025

India’s Rs 370 Bn Petrochemical Expansion to Shift Asian Supply

India’s planned investments worth over USD 37 billion (around Rs 3 lakh crore) in the petrochemical sector are poised to reshape Asia’s supply landscape, according to a new report by S&P Global Ratings.The report noted that India’s drive toward petrochemical self-sufficiency mirrors China’s earlier expansion and could intensify competition in the region. “India’s capacity additions will significantly alter trade flows and increase competition among Asian producers,” said Ker Liang Chan, credit analyst at S&P Global Ratings.S&P estimated that public sector enterprises ..

Maharashtra Sets Up Authority to Boost Self-Redevelopment

The Maharashtra government has established a Self-Redevelopment Authority to support citizens in independently redeveloping old buildings, marking a major policy step for Mumbai and the surrounding metropolitan region.BJP legislator and Mumbai District Central Cooperative Bank president Pravin Darekar will head the new Authority, which will offer end-to-end guidance on project planning, funding, developer selection, and execution. The initiative follows the approval of the state’s New Housing Policy earlier this year, which allocated Rs 2,000 crore to promote self-redevelopment.Officials sai..

MHADA Revises Premium and Payment Rules for Redevelopment

The Maharashtra Housing and Area Development Authority (MHADA) has revised its 2007 redevelopment policy to make the redevelopment of ageing housing societies in Mumbai financially sustainable.The key change involves recalibrating premium charges for commercial floor space in projects under Regulation 33(5) of DCPR 2034. The new formula links premium rates to land value, market rate, and proposed usage, replacing the earlier rule that charged 1.5 times the residential rate for commercial areas.Developers’ body CREDAI-MCHI had sought parity between residential and commercial rates to encourag..