- Press Releases
March 22 (Renewables Now) - Hyderabad-based Greenko Group will build a 975-MW round-the-clock renewable energy complex in India for steel and mining giant ArcelorMittal SA (NYSE:MT), the latter announced on Tuesday.
Under the newly-established partnership, Greenko will design, construct and operate solar and wind parks in Andhra Pradesh, with project commissioning planned for mid-2024. ArcelorMittal, which will own the plants, estimates it will need to invest roughly USD 600 million (EUR 543m) in the project.
In order to overcome the intermittent nature of wind and solar power generation, the new facilities will be supported by a pump-storage hydropower plant owned by Greenko.
ArcelorMittal’s local joint venture, namely ArcelorMittal Nippon Steel India (AM/NS India), will sign a 25-year offtake deal tied to 250 MW of capacity from the new complex. The purchased electricity volume will be enough to cover more than 20% of the power needs of the JV’s Hazira plant, the announcement says.
(USD 1.0 = EUR 0.905)