Greenko to build 975-MW renewables complex in India for ArcelorMittal

The Pavgada solar park in Karnataka, India. Photo by: Greenko (www.greenkogroup.com).

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.

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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)

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