Sunflag Iron and Steel Company to Procure 11 MW AC Solar Power from Sunsure Energy
Sunflag Iron and Steel Company Ltd. has signed a 25-year Power Purchase Agreement with Sunsure Energy to source solar power from a 11 MW AC/16.5 MWp DC grid-connected solar plant to be set up in Dhule district of Maharashtra. The company aims to procure 10 percent of its energy requirement from RE by 2026.
April 24, 2025. By Mrinmoy Dey
The company has entered into a 25 years Power Purchase Agreement (PPA) with the Sunsure Solarpark Thirty Seven, a project specific special purpose vehicle (SPV), for the purchase of power from the above-mentioned captive solar plant.
Accordingly, the company has executed a Share Subscription and Shareholders' Agreement (SSSHA) with Sunsure Energy and picked up 26 percent stake in the SPV by way of subscribing its equity shares at a total cost of INR 5.775 crore, in tranches.
According to the company’s Business Responsibility and Sustainability Report 2023-24, the company has set a target for the reduction in net GHG (Greenhouse Gases) per MT of product by 30 percent by 2050. The company also set a target to procure 10 percent of its energy requirement from renewable sources by 2026.
Earlier this month, Sunsure Energy signed a long-term Power Purchase Agreement (PPA) with JSL Super Steel, a subsidiary of Jindal Stainless, to supply 11 MWp of solar power from Sunsure's 49 MWp Solar Project in Augasi, Uttar Pradesh, displacing nearly 40 percent of JSL’s conventional energy consumption with clean power.
Last month, Kirloskar Brothers, a Pune-based pumps and valves manufacturer, invested about INR 48.59 million in Sunsure Solarpark Nineteen, an SPV set up by Sunsure Energy, to procure solar power under an open access group captive arrangement. The company aims to enhance its RE capacity to 70 percent by FY 2025-26.
India's steel, cement, and aluminium industries are rapidly shifting to renewable energy to lower costs and reduce emissions. According to an Ember report, the green energy open access market offers a 20 GW profitable opportunity for the steel, cement, and aluminium sectors across various states. The steel sector alone presents an opportunity of about 9.4 GW.
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