Ahmedabad-based chemical company DCM Shriram Ltd and ReNew Power jointly signed an agreement on Thursday to set up a 50 MW wind-solar hybrid project in the DCM Shriram’s Chlor-Alkali manufacturing facility in the Bharuch district of Gujarat.
Ajay S. Shriram, Chairman and Sr. Managing Director, DCM Shriram Ltd, said that the company is committed to improving its energy footprint. He also added that this initiative of collaborating with ReNew Power is the right step in that direction.
DCM Shriram Ltd announced the 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. ReNew will be setting up the two hybrid projects with a total investment of -8 million through an equity partnership of -630 million by DCM Shriram’s Bharuch Facility.
He further added that with 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 carbon emissions annually”.
The 50-MW hybrid project, which has an overall 100 MW of wind and solar generation capacity as its backend, is expected to generate 250 million units of renewable energy for the DCM Shriram’s Bharuch Facility.