Steel manufacturer ArcelorMittal has partnered with Indian renewable company Greenko Group to develop a 975MW ’round the clock’ wind and solar project in India.
The project will be built in Andhra Pradesh and is expected to be fully operational by mid-2024. It will be funded (around US$600 million) and owned by ArcelorMittal, with Greenko taking care of its construction and providing capacity from a pumped hydro energy storage facility to accompany the wind and solar generation.
Part of the energy power from the project will be allotted to the steel maker’s joint venture in India, ArcelorMittal Nippon Steel India (AM/NS India), which is to sign a 25-year off-take agreement to purchase 250MW of renewable electricity from the project.
Aditya Mittal, CEO of ArcelorMittal, said: “Large amounts of green energy are one of the key foundations for both a net zero economy and a decarbonised steel industry.”
Last February, a 7.4GW electrolysis capacity green hydrogen hub in Spain was launched with ArcelorMittal as one of the partners of the project to purchase green hydrogen that will help produce green steel.