Shyam Metalics & Energy Launches 10 MW RE Projects

Shyam Metalics & Energy Launches 10 MW RE Project At Its Facilities

Shyam Metalics and Energy Ltd., an integrated metal manufacturing company in India, is set to venture into clean energy by integrating rooftop and floating solar installations across their pan-India facilities. This initiative is part of the company’s commitment to sustainable energy, decarbonization, and supporting the country’s green and clean energy mission.

The company has announced Phase 1 of this project with an installed capacity of 5.2 MWp, followed by Phase 2 with an installed capacity of 4.8 MWp. Phase 3 of the project is being executed under the Group Captive and OPEX model, where the Renewable Energy Service Company (RESCO), along with Shyam Metalics and Energy Ltd., is expected to develop 10.43 MWp of distributed projects. The generated electricity will be utilized for captive consumption at an agreed tariff.

The proposed projects include the installation of floating solar and rooftop plants on industrial sheds, administrative and residential buildings, and reservoirs located within the company’s manufacturing plant premises in Kolkata, Pakuria, Jamuria, and Mangalpur in West Bengal; Sambalpur in Odisha; and Pithampur in Madhya Pradesh. In FY 24, the average power cost was Rs. 3.10/KWh.

The implementation of these solar plants will further help reduce power costs. The cumulative solar capacity of 20.43 MWp is estimated to produce 35,793.36 MWh of clean energy annually, offsetting 35,077.49 tons of CO2 emissions. Floating solar installations will also aid in water conservation by reducing evaporation.

Additionally, the cooling effect of water bodies is projected to enhance photovoltaic panel performance by 5-10%. The company currently boasts a captive power generation capacity of 377 MW and 9 MW of renewable power generation capacity, which is used in producing long steel products, ferroalloys, and aluminum foils across the value chain.

Commenting on this venture, Brij Bhushan Aggarwal, Vice Chairman and Managing Director, said, “Our investment in renewable energy sources for our manufacturing facilities positions us as a consumer of clean energy. This reinforces our dedication to supporting the Government’s ‘Panchamrit’ goals. As industry pioneers, we believe it is our collective effort to pave the way for other businesses and inspire them to adopt sustainable and clean energy practices.”

The company is also engaging EPC partners for CAPEX projects and RESCO for OPEX projects to ensure efficient and cost-effective implementation.