(CercleFinance.com) – ArcelorMittal announces today that it has entered into a strategic partnership with Greenko Group, India’s leading energy transition company, to develop a ’24-hour’ renewable energy project with a nominal capacity of 975 MW .
The approximately $0.6 billion project will combine solar and wind power and will be supported by Greenko’s hydro-pumped storage project, which helps overcome wind and solar power generation.
The project will be owned and financed by ArcelorMittal. Greenko will design, build and operate the renewable energy facilities in Andhra Pradesh, southern India. Commissioning of the project is scheduled for mid-2024.
More than 20% of AM/NS India’s Hazira plant’s electricity needs will come from renewable sources, which will reduce carbon emissions by approximately 1.5 million tonnes per year.
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