Gujarat-based chemicals manufacturer Kiri Industries has issued a letter of intent (LoI) for the development of a 17.45 MW hybrid renewable energy project in Gujarat, marking a step towards strengthening its clean energy portfolio. The LoI has been awarded to IB Vogt Solar India and Four-Square Green Energy, according to a regulatory filing by the company.The hybrid project will be set up at Kamlapur in Rajkot district and will comprise 9.45 MW of wind capacity and 8 MW of solar power. The total estimated project cost is around Rs 1.80 billion, the company said.Kiri Industries said the project is expected to be commissioned within 10 months from the date of issuance of the LoI. Once operational, the power generated from the hybrid facility will be primarily used to meet the electricity requirements of the company’s existing manufacturing units.The company noted that the project will help optimise energy costs by reducing dependence on conventional power sources, while also supporting long-term energy security for its operations. In addition, the initiative is expected to increase the share of renewable energy in the company’s overall power mix and contribute to a lower carbon footprint.“The power generated from the project shall be primarily utilised for meeting the power requirements of the company’s existing manufacturing facilities, resulting in optimisation of energy costs. The project will also contribute towards increased use of renewable energy, reduction in carbon footprint, and strengthening the Environmental, Social and Governance (ESG) profile of the company,” Kiri Industries said.The move reflects a broader trend among energy-intensive manufacturing companies to adopt captive and group captive renewable energy projects as part of their sustainability strategies. By investing in a wind–solar hybrid solution, Kiri Industries aims to ensure more stable power generation while advancing its ESG commitments.News source: Energetica