Sami-Sabinsa Group has signed a long-term mutual agreement with O2 Renewable Energy for the purchase of 150 MU of renewable power over a 25-year period. The company states that this investment in clean energy will make a significant contribution to India’s transition towards more sustainable energy and combating climate change.
In line with its objective to promote green manufacturing, Sami-Sabinsa Group will adopt captive solar energy for all of its manufacturing plants in Karnataka, India. The company is collaborating to set up a 3.60 MW DC solar project at Bellary District in Karnataka (India) at an estimated cost of $0.75 million per MW of the solar capacity of the project. Sami-Sabinsa Group will subscribe to a minimum of 26 per cent of the securities in this project, and has signed a Security Subscription and Shareholders’ Agreement with O2 Energy, Singapore, and its Indian subsidiary towards the project.
The project, which is expected to be commissioned by October 2023, will supply 6.35 million units of clean alternate energy annually to Sami-Sabinsa’s five manufacturing facilities in Karnataka.