Shyam Metalics embarks on major renewable energy project with 20.4MW solar initiative

Shyam Metalics and Energy Limited, a prominent player in the Indian metal manufacturing sector, has made a significant commitment to renewable energy by finalizing the first phase of its ambitious 100 MW solar power project. This initiative highlights the company’s dedication to sustainability, aiming to integrate rooftop and floating solar technologies across its facilities in India.

The renewable energy initiative is divided into three phases with a total capital investment of INR 50 crores. The initial two phases involve the development of 10 MW of solar capacity, followed by an additional 10.43 MW in the third phase. The project’s phased implementation includes Phase 1 with an installed capacity of 5.2 MWp, Phase 2 with 4.8 MWp, and Phase 3, which will utilize Group Captive and OPEX models in partnership with Renewable Energy Service Companies (RESCO). This final phase will encompass the installation of 10.43 MWp through distributed projects, with electricity generated being used for captive consumption at agreed tariffs.

The solar installations will be strategically placed at multiple locations across India. In West Bengal, these include Kolkata, Pakuria, Jamuria, and Mangalpur. In Odisha, installations will be in Sambalpur, while Madhya Pradesh will see developments in Pithampur. This broad geographical reach reflects Shyam Metalics’ commitment to expanding its renewable energy footprint. The floating solar panels, in particular, will be installed on water reservoirs, offering benefits such as reducing water evaporation and improving photovoltaic panel efficiency by 5-10% due to the cooling effect of water bodies.

The 20.43 MWp solar capacity is expected to generate approximately 35,793.36 MWh of clean energy annually, which will offset 35,077.49 tons of CO2 emissions. This substantial reduction in carbon footprint aligns with India’s climate goals and contributes to the global effort against climate change. Economically, the implementation of the solar plant is anticipated to lower power costs from the current average of INR 3.10 per kWh, enhancing the company’s financial performance and supporting its sustainable operations.

Mr. Brij Bhushan Aggarwal, Vice Chairman and Managing Director of Shyam Metalics, emphasized the company’s dedication to integrating renewable energy into its operations. He stated, “Shyam Metalics is committed to responsible business practices and reducing our 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.”

Shyam Metalics is also engaging Engineering, Procurement, and Construction (EPC) partners for CAPEX projects and RESCO for OPEX projects to ensure the efficient and cost-effective implementation of this renewable energy initiative. The company’s commitment to sustainability is in line with broader industry trends, demonstrating the viability of large-scale solar power investments and contributing to national and global sustainability goals.