ArcelorMittal Commits to RE Investment Deal with Greenko

  • Greenko contracted to build a 975MW renewable energy plant in India.

ArcelorMittal SA, a mining giant based in India, has contracted the services of Hyderabad-based Greenko Group to construct a 975MW round-the-clock renewable energy complex. The partnership between the two companies will see Greenko design, construct and operate solar and wind parks in the Andhra Pradesh part of the country.

The project is expected to be completed and ready for commissioning by mid-2024. The investment estimate by ArcelorMittal, who will own the project, is about USD 600 million. As a buffer against the intermittency challenge that wind and solar energy faces, a pump-storage hydropower plant, owned by Greenko, will be used in supporting the facilities.

A local joint venture owned by ArcelorMittal, the ArcelorMittal Nippon Steel India will now enter into a 25-year offtake deal tied to a 250MW capacity from the new complex. The volume of electricity purchased will be enough for over 20% of the power demands of the JV’s Hazira plant.

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