Shyam Metalics Invest INR 50 Crore To Develop Renewable Energy at Their Facilities The project is structured into three distinct phases, with a total capital outlay of INR 50 crores dedicated to developing 10 MW of capacity in phases one and two, and a further 10.43 MW in phase three
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Shyam Metalics and Energy Ltd., is set to embark into clean energy with the integration of rooftop and floating solar in their PAN India facilities. The company has announced Phase 1 of this project with an installed capacity of 5.2 MWp and shall be followed by Phase 2 having an installed capacity of 4.8 MWp. Phase 3 of the project is being executed in Group Captive and OPEX modal, wherein the Renewable Energy Service Company (RESCO) along with Shyam Metalics and Energy Limited shall develop 10.43 MWp distributed projects and the generated electricity shall be utilised for captive consumption at an agreed tariff.
"Shyam Metalics is committed to responsible business practices and reducing carbon footprint at our manufacturing facilities. Our investment in renewable energy sources for our manufacturing facilities positions us as a consumer of clean energy. This reinforces our dedication to supporting the Government's "Panchamrit" goals. As industry pioneers, we believe it's our collective efforts to pave the way for other businesses and inspire them to adopt sustainable and clean energy practices," said Brij Bhushan Aggarwal, vice chairman and managing director in a media release.
With a cumulative solar capacity of 20.43 MWp, the project is expected to generate 35,793.36 MWh of clean energy annually, effectively offsetting 35,077.49 tons of CO2 emissions. The introduction of floating solar installations not only contributes to water conservation by minimising evaporation but also benefits from the cooling effect of the water bodies, which is anticipated to enhance photovoltaic panel efficiency by 5-10 per cent.
The company currently maintains a robust captive power generation capacity of 377 MW, supplemented by 9 MW of renewable energy capacity. This energy supports the production of long steel products, ferroalloys and aluminium foils across its entire value chain.
