The facility will be located at DCM Shriram’s Chlor-Alkali manufacturing facility in Bharuch, Gujarat
One of the largest corporate renewable power supply deals in India under captive model
Mumbai, NFAPost: DCM Shriram Ltd. (DCM Shriram), a leading business conglomerate with a group turnover of Rs 9,849 crore, and ReNew Power (“ReNew” or “the Company”) (NASDAQ: RNW, RNWWW), India’s major renewable energy company, 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.
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, DCM Shriram Ltd Chairman and Sr. Managing Director Ajay S. Shriram said the group is committed to improving 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,” said DCM Shriram Ltd Chairman and Sr. Managing Director Ajay S. Shriram.
He added that wWith a long-term commitment towards ESG, the Captive Power Agreements for green energy have been signed for 25 years and will mitigate ~2,25,000 tCO2e (carbon emissions) annually.
Speaking on the CPAs, ReNew Power Founder, Chairman, and CEO Sumant Sinha said the company is 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.
“We are confident that more and more responsible corporates such as DCM Shriram will move to renewables at an accelerated pace, as it not only shows a focus on sustainability concerns that are critical but also reflects that green energy is increasingly cost-effective for businesses,” added ReNew Power Founder, Chairman, and CEO Sumant Sinha.
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.
About DCM Shriram Limited:
DCM Shriram Ltd is a leading business conglomerate with a group turnover of Rs 9,849 crores. The business portfolio of DCM Shriram comprises (a) Agri-Rural Business – Urea, Sugar, Farm Solution Business covering the entire range of agri-inputs, R&D-based Hybrid Seeds (b) Chlor-Vinyl Business – Caustic Soda, Chlorine, Calcium Carbide, Aluminium Chloride, PVC resins, Power and Cement. (c) Value-added business Fenesta Building Systems making UPVC windows and doors.
About ReNew Power:
ReNew is one of the largest renewable energy Independent Power Producers in India and globally. ReNew develops, builds, owns, and operates utility-scale wind and solar energy projects, and hydro projects. As of July 31, 2022, ReNew had a gross total portfolio of ~12.8 GW of renewable energy projects across India. To know more, visit https://renewpower.in/and follow us on Linked In, Facebook, Twitter and Instagram. ReNew Green Solutions (RGS) is the B2B unit of ReNew Power. RGS has the experience of commissioning & maintaining ~1 GW of RE installations across India for C&I segment.
