ArcelorMittal has partnered with Greenko Group for developing a round-the-clock renewable energy (RE) project with 975 MW of nominal capacity.
The project worth USD600 million will combine solar and wind power and be supported by Greenko’s hydro pumped storage project, which will help to overcome the challenges due to intermittent nature of wind and solar power generation. The project will be owned and funded by ArcelorMittal. Greenko will design, construct and operate the RE facilities in Andhra Pradesh. ArcelorMittal’s joint venture company in India, ArcelorMittal Nippon Steel India will enter into a 25-year off-take agreement with ArcelorMittal to purchase 250 MW of RE annually from the project. The project is expected to be commissioned by mid-2024.