In Dindigul, Tamil Nadu, ITC Limited, an Indian multi-business conglomerate, announced the completion of its first offsite solar installation. The 14.9 MW solar project, which cost 760 million dollars ($10.14 million), is projected to reduce the company’s carbon dioxide emissions.
Around 90% of ITC’s power needs will be met by the solar plant. For ITC’s hotel, food manufacturing facilities, paper manufacturing facility, and printing and packaging factory in Tamil Nadu, the project would create around 22 million units of green energy yearly.
The corporation intends to achieve its complete grid power needs from renewable sources by 2030 as part of its sustainability strategy. It seeks to reduce specific emissions by 50% and specific energy consumption by 30% by 2030, compared to the baseline year of 2014-15.
ITC has 138 MW of wind power projects and 14 MW of solar projects in its renewable energy portfolio. ITC’s 20 factories, nine hotels, and six offices are all powered by renewable energy, which is distributed across multiple states. Its 46-megawatt wind project in Andhra Pradesh provides electricity to more than 15 ITC facilities in eight states.
Many Indian companies are progressively embracing renewable energy in their facilities to save money on electricity and reduce carbon emissions. According to a survey by Wood Mackenzie, India leads the corporate renewable procurement industry in Asia-Pacific, with a total procurement capacity of 5.2 GW. According to the research, 10.9 GW of renewable energy was acquired in Asia-Pacific through corporate renewable PPAs in the first half of 2021.
According to Mercom’s Q2 2021 Solar Open Access Report, year-over-year (YoY) installation growth has increased by 664 percent. As of June 2021, total solar installations in the open access market had topped 4.5 GW.
ITC met 41.3 percent of its electricity needs from renewable sources in 2020-21, including biomass, wind, and solar.
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