Ambuja Cements to invest ₹6,000 crore in Green Power; targets capacity of 1,000 mw
₹6,000 crore in renewable power projects, targeting a capacity of 1,000 MW. The investment encompasses a diverse portfolio of solar and wind power projects strategically positioned across Gujarat and Rajasthan. The lineup includes a 600 MW Solar Power project and 150 MW Wind Power project in Gujarat and a 250 MW Solar Power project in Rajasthan, Ambuja Cements said in a regulatory filing on Monday.
This will be achieved by FY 2026 (200 MW by March 2024) in addition to the existing 84 MW of Solar & Wind Power, it added. (Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) With lower cost of generation from green power, the power cost will come down from ₹6.46 per kWh to ₹5.16 per kWh. A reduction of ₹1.30 per kWh (20%), which translates into ₹90 PMT of cement for targeted capacity of 140 MTPA by FY 2028, accelerating the company’s ESG targets.
“The adjacencies within the Group will further catalyze benefit realization. With all requisite approvals in place, we are on an accelerated path to not just meet but exceed our committed ESG targets well before our initial timelines," said Ajay Kapur, CEO, Cement Business. Ambuja Cements is also enhancing its Waste Heat Recovery Systems (WHRS) capacity from the current 103 MW to 397 MW over the period of 5 years (134 MW by March’24), which will further reduce the power cost.
These initiatives will help Ambuja Cements achieve the share of Green Power of 60% for the planned capacity of 140 MTPA from the current 19%. At 9:30 am, Ambuja Cements share price was trading 1.46% higher at ₹530.00 apiece on the BSE. Catch Live Market Updates hereMilestone Alert!
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