Shyam Metalics finalizes its first 20.43 MW out of the announced 100 MW renewal energy implementation

Shyam Metalics and Energy Ltd., a leading integrated metal manufacturing company in India, 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 and Energy Limited 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.

Commenting on his venture, Mr. Brij Bhushan Aggarwal, Vice Chairman and Managing Director said, "Shyam Metalics is committed to responsible business practices and reducing carbon footprint at our manufacturing facilities. 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's our collective efforts 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.

Shares of Shyam Metalics and Energy Limited was last trading in BSE at Rs. 763.80 as compared to the previous close of Rs. 761.20. The total number of shares traded during the day was 49907 in over 1766 trades.

The stock hit an intraday high of Rs. 769.95 and intraday low of 745.25. The net turnover during the day was Rs. 37738524.00.

Source : Equity Bulls

Keywords

ShyamMetalicsandEnergy Rooftop FloatingSolar CleanEnergy PanIndiaFacilities