According to the company’s statement, the parties have signed a 25-year Power Purchase Agreement (PPA) structured under the group captive open access framework.
As part of the agreement, MSP Steel will acquire a 26% stake in Elevate Solar Energy, which operates in Ambattur, Tamil Nadu.
The electricity supply will be sourced from a solar power park with a capacity of 50 MWac/70 MWdc to be established in the Baloda Bazar district of Chhattisgarh, India. Under the project, 10 MWp of installed capacity will be allocated to MSP Steel.
The generated electricity will be supplied at a rate of INR 3.17/kWh, equivalent to approximately USD 0.03/kWh or EUR 0.02/kWh, and will be used at the company’s production facilities in Chhattisgarh.
According to information available on the company’s website, MSP Steel achieved 100% green electricity usage across all of its production facilities last year.
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