India's Lloyds Metal and Energy Limited (LMEL) has firmed up plans to acquire a minimum 26 percent equity stake in multiple renewable energy projects to meet its captive requirement of clean energy for its steel and related business operations, a company statement said on Wednesday, August 12.
The company will enter into share subscription and shareholders agreements with Amplus Solutions Limited for investments in Amplus Green One Power Private Limited and Amplus Energy One Private limited, which would be followed up with a long-term power purchase agreement for wind power from the projects of the latter.
In solar power, LMEL will enter into similar share subscription and shareholders agreement to invest a minimum 26 percent equity in Amplus Energy Solutions Limited and Amplus Ceres Solar Limited, and a separate power purchase agreement facilitating supply of solar generated electricity.
The combination of solar and wind power is expected to provide Lloyds Metals with a diversified renewable energy supply, supporting its mining and metal manufacturing operations while reducing dependence on conventional power sources and lowering carbon emissions, the company said.
LMEL is engaged in iron ore mining, direct reduced iron (DRI) production and power generation, operating three verticals of sponge iron, mining and power generation in Maharashtra.
