DCM Shriram and ReNew Power Sign Agreement to Set up 50 MW Hybrid Wind/Solar Projects in Gujarat
DCM Shriram Ltd and ReNew Power announced signing of two Captive Power Agreements (CPAs) that will see 50 MW of renewable energy supplied from ReNew’s two upcoming projects in Bhavnagar, Gujarat, to DCM Shriram’s Chlor-Alkali manufacturing facility in Bharuch district, Gujarat.
August 04, 2022. By News Bureau
The combined transaction is one of the largest corporate renewable power supply deals in India under an OpEx (operating expenses) with a captive model.
Speaking on the occasion Ajay S. Shriram, Chairman and Sr. Managing Director, DCM Shriram Ltd., said, “We as a group are committed to improving our energy footprint and this is a step in that direction. We are happy to collaborate with ReNew Power in our journey towards renewable energy for our Chlor-Alkali manufacturing facility at Bharuch, Gujarat.”
Speaking on the CPAs, Sumant Sinha, Founder, Chairman, and CEO of ReNew Power, said, “We are proud to partner with DCM Shriram, which is showing leadership is moving to cleaner sources of energy and in addressing broader climate issues, as well as in supporting India’s ambitious climate goals".
The 50-MW hybrid project, which, overall, has ~100 MW of wind and solar generation capacity at its backend, is expected to generate ~250 million units of renewable energy every year exclusively for the DCM Shriram’s Bharuch facility.
ReNew will be setting up the two hybrid projects with a total investment of ~ ₹8 billion through an equity partnership of ~ ₹630 million by DCM Shriram Ltd.
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