Sunflag Iron & Steel Signs ₹57.8 Million Solar Power Contract, Enters into Long-Term PPA with Sunsure Solarpark Thirty Seven

Sunflag Iron and Steel Company Limited has moved a big step closer to sustainable business by signing a long-term Power Purchase Agreement (PPA) with Sunsure Solarpark Thirty Seven, worth ₹57.8 million. This aligns with Sunflag's continued thrust towards the adoption of renewable energy in its manufacturing operations and lower carbon footprint.

 

₹57.8 Million Renewable Energy Agreement: Sunflag Iron and Steel has sealed an agreement for ₹57.8 million, a huge clean energy procurement investment.

 

Long-term PPA with Sunsure Solarpark Thirty Seven: The agreement provides a continuous supply of solar power to Sunflag's steel plant, servicing its power requirements with green electricity for a long term.

 

Sustainability and Cost Efficiency Boost With a power source derived from Sunsure's solar park, Sunflag seeks to reduce its reliance on traditional energy sources, reduce operation expenses, and enhance its environment, social, and governance (ESG) objectives.

 

Growing Client Base at Sunsure Solarpark: Sunsure Energy, which last month raised ₹4.16 billion in debt for its 150 MWp open-access solar park in Maharashtra's Solapur district, has been aggressively securing long-term PPAs with high-profile industrial clients in the state, including Sunflag Iron and Steel.

 

Wider Renewable Energy Strategy: This PPA is one piece of Sunflag's wider move towards renewable energy, following prior deals with other solar producers to supply solar energy for 15-25 years.

 

Industry Trend: The initiative is a further example of Indian steelmakers going in for renewable energy, due to regulatory pull, cost savings, and expanding demand from foreign clients for green steel.

 

"Sunflag's association with Sunsure Solarpark Thirty Seven is another milestone in its path to sustainable steel manufacturing and energy efficiency," said a company spokesperson.

 

Source: Power Line, MoneyWorks4Me, Economic Times