ArcelorMittal Partners with Greenko Group in India

On Tuesday, ArcelorMittal informed that it has entered into a strategic partnership with an energy transition company-Greenko Group in India. Both the company will develop a ‘round the clock’ renewable energy project with a nominal capacity of 975 MW in the state of Andhra Pradesh. ArcelorMittal will own and fund this project while the energy transition company will design, construct and operate the renewable energy facilities. The renewable energy project is anticipated to be commissioned by mid-2024. Aditya Mittal who is the Chief Executive Officer of ArcelorMittal said: “This is an attractive opportunity for ArcelorMittal. We will be partnering with a highly experienced energy transition company in a project that will enable our joint venture company AM/NS India to reduce both its electricity costs and carbon emissions, as well as providing consistent, guaranteed returns for ArcelorMittal.” This $600 million project will combine solar and wind power. It will be supported by Greenko’s hydro pumped storage project. CEO and Managing Director of Greenko, Anil Kumar Chalamalasetty said: “This is a pioneering partnership with the world’s leading steelmaker and we hope it will serve as a blueprint for the adoption of renewable power for large-scale steel manufacturing in India. These efforts will also represent a notable contribution to India’s own commitment to build 500 GW of renewable energy capacity by 2030.”