Shyam Metalics & Energy announces 10 MW clean energy project at its facilities

Shyam Metalics & Energy is set to embark into clean energy with the integration of rooftop and floating solar in their PAN India facilities. This initiative is a testament to the company's commitment to sustainable energy, decarbonization, and supporting the country's green & clean energy mission.

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

The proposed projects encompass the installation of floating solar and rooftop plants on the industrial sheds, administrative & residential buildings and reservoirs located inside the company's manufacturing plant premises at Kolkata, Pakuria, Jamuria, Mangalpur in West Bengal; Sambalpur in Odisha & Pithampur in Madhya Pradesh.

In FY 24, average power cost was Rs. 3.10/Kwh. Implementation of the above Solar Plant will further help in reduction in the power cost.

The cumulative solar capacity of 20.43 MWp is estimated to produce 35,793.36 MWh of clean energy per year, offsetting 35,077.49 tons of CO2 emissions. Floating solar installations will aid in water conservation by reducing evaporation. Furthermore, 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 and uses in production long steel products, ferro alloys, and aluminum foils across the value chain.

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