ArcelorMittal investing $900M in 3 renewable energy projects in India
What's the story
Steel giant ArcelorMittal has announced an investment of $900 million into three new renewable energy projects in India. The initiatives have a combined capacity of 1GW and will be developed across Maharashtra, Rajasthan, and Gujarat. The power generated from these projects will be supplied to AMNS India, a joint venture between ArcelorMittal and Japan's Nippon Steel.
Project specifics
Project details and capacity expansion
The first project is a 36MW solar energy facility to be set up in Amaravati, Maharashtra. The second one is a 400MW solar power plant with a 500MWh battery energy storage system in Bikaner, Rajasthan. The third project involves an integrated battery storage system with 250MW wind and 300MW solar capacity in Bachau, Gujarat. Once completed, these projects will double ArcelorMittal's renewable energy capacity in India to 2GW.
Leadership insight
CEO comments on renewable energy projects
Commenting on the new projects, Aditya Mittal, CEO of ArcelorMittal, said they are doubling their renewable energy capacity in India. He added that this move will ensure a secure supply of clean energy to their Indian steelmaking operations, and strengthen their global footprint in clean power. Mittal emphasized that their approach is to invest in sustainable and economically sound projects aligned with the company's ambition for a meaningful contribution toward an energy transition.
Global expansion
ArcelorMittal's global renewable energy initiatives
Along with India, ArcelorMittal is also working on renewable energy projects in Brazil and Argentina through joint ventures. Once all these projects are operational, the company will have a combined electricity generation capacity of 3.3GW.