Shyam Metalics Launches 20.43 MWp Solar Initiative to Boost Sustainability

Shyam Metalics and Energy Ltd has announced its entry into clean energy, with a plan to integrate rooftop and floating solar systems across its facilities in India. This initiative highlights the company’s dedication to sustainability, decarbonisation, and supporting India’s green energy goals.

The company stated that the project will be rolled out in three phases. Phase 1 will feature an installed capacity of 5.2 MWp, followed by Phase 2 with 4.8 MWp. Phase 3 will involve a Group Captive and OPEX model, where Shyam Metalics and Energy Ltd, along with a Renewable Energy Service Company (RESCO), will develop 10.43 MWp of distributed solar projects.

The generated electricity will be used for captive consumption at a negotiated tariff. These projects will include floating solar and rooftop installations on industrial sheds, administrative and residential buildings, and reservoirs at the company’s sites in Kolkata, Pakuria, Jamuria, Mangalpur in West Bengal; Sambalpur in Odisha; and Pithampur in Madhya Pradesh.

In FY 24, the average power cost was ₹3.10/kWh. The new solar plants are expected to reduce power costs and produce 35,793.36 MWh of clean energy annually, offsetting 35,077.49 tons of CO2 emissions. Floating solar installations will also aid in water conservation by minimising evaporation and are projected to improve photovoltaic panel performance by 5-10% due to the cooling effect of water bodies. The company currently has a captive power capacity of 377 MW and 9 MW of renewable power generation capacity and produces long steel products, ferroalloys, and aluminium foils.

Speaking on this venture, the Vice Chairman and Managing Director, Mr Brij Bhushan Aggarwal, said, “Shyam Metalics is committed to responsible business practices and reducing carbon footprint at our manufacturing facilities. Our investment in renewable energy sources for our manufacturing facilities positions us as a consumer of clean energy. This reinforces our dedication to supporting the Government’s “Panchamrit” goals. As industry pioneers, we believe it’s our collective efforts to pave the way for other businesses and inspire them to adopt sustainable and clean energy practices.”

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