Business News | DCM Shriram to Expand Renewable Energy Capacity to 176 MW with New Hybrid Power Project
Get latest articles and stories on Business at LatestLY. As part of the agreement, DCM Shriram will invest up to Rs 105 crore, in one or more tranches, to acquire a minimum 26 per cent equity stake in Serentica Renewables India 38 Pvt. Ltd.
New Delhi [India], July 18 (ANI): DCM Shriram Ltd. will increase its renewable energy capacity to 176 MW (peak) across its Bharuch and Kota facilities after signing a definitive agreement with Serentica Renewables India 38 Pvt. Ltd. to develop a 58 MW (peak) hybrid renewable energy project for its Bharuch operations in Gujarat.
According to a press release, the project, which is expected to be commissioned by June 2027, is aimed at supporting the company's energy-intensive chemical operations while expanding the share of renewable energy in its power mix.
As part of the agreement, DCM Shriram will invest up to Rs 105 crore, in one or more tranches, to acquire a minimum 26 per cent equity stake in Serentica Renewables India 38 Pvt. Ltd.
Commenting on the development, Sabaleel Nandy, Executive Director and CEO, DCM Shriram Chemicals, said, "The agreement is a strategic step in expanding the share of renewable energy across our chemical operations in Bharuch and our ongoing efforts towards making the business more sustainable."
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He added that the project is expected to help avoid nearly 0.4 million tonnes of CO₂ emissions annually while improving cost efficiency by increasing the use of renewable power. According to the company, the project is also expected to provide greater visibility into long-term power costs and reduce exposure to fluctuations in conventional energy prices.
Under the partnership, Serentica Renewables will supply 58 MW of renewable power to DCM Shriram Chemicals' Bharuch plant through a 190 MW renewable energy project comprising solar power from Rajasthan and wind power from Karnataka, the release said.
The company said the agreement is expected to strengthen its renewable energy portfolio while supporting the long-term energy requirements of its Bharuch operations. Once commissioned, the project is expected to improve energy efficiency, reduce emissions and contribute to building a more resilient and sustainable manufacturing base. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)