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.
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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.