ArcelorMittal has declared three new renewable energy initiatives with 1 GW capacity, which is a big move towards its decarbonization plan in India. The investment will include a 900 million dollar project and will be built in Maharashtra, Rajasthan, and Gujarat.
By doing so, the international steel giant will enhance its presence in terms of renewable energy and assist in the clean energy shift in India.
Strategic Places Edge Cutting Across Major States
The strategic site of the renewable undertakings will be located in three potential states with high renewable energy. The state of Maharashtra will have a large capacity that can cater to the industrial demand, whereas the state of Rajasthan has got a high solar irradiation that will make it perfect for large-scale solar installations.
In the meantime, the good wind of Gujarat and hybrid potential will make the generation of renewable energy efficient day and night. All these sites will provide a diversified and dependable supply of green energy.
Focus on solar, wind, and hybrid assets
The 1 GW portfolio will be comprised of a combination of solar, wind, and hybrid renewable projects, although the capacity-wise breakup is yet to be revealed. This will enable ArcelorMittal to make its generation optimized on a seasonal basis.
In addition, these undertakings are planned to serve the long-term power needs of steel manufacturing facilities, which ensures that they are not subjected to the vagaries of fossil fuel.
Supporting decarbonization and ESG goals
ArcelorMittal has also made a commitment to net-zero carbon emissions by 2050, and renewable energy is a key feature of this plan. Thus, the new developments will aid in the reduction of SCO₂ emissions by substituting the traditional grid power with clean electricity.
In addition, the investment will meet the global environmental, social, and responsibility needs of the company and also aid in the development of the renewable capacity in India.
Strengthening the Indian renewable ecosystem
ArcelorMittal will also aid in job creation, local supply lines, and the introduction of technology in the renewable sector of India with this kind of investment, which amounts to 900 million dollars.
Therefore, the announcement strengthens the stance of India as a destination where major clean energy investments can take place.
With the increased pace of renewable uptake, the 1 GW development of ArcelorMittal will contribute significantly to the decarbonization of the industry, as well as national carbon goals.
