ArcelorMittal, a prominent steel and mining corporation based in the United Kingdom, has announced its intent to invest in solar energy in the Indian states of Rajasthan and Gujarat. The company is interested in setting up a solar park of 4.5 GW with a total investment of Rs 190 billion in Rajasthan. The plant is planned to be set up by ArcelorMittal arm HPCL-Mittal Energy Limited. Similarly, the company is also considering investing up to Rs 500 billion in Gujarat’s solar energy, wind energy and hydrogen gas production sectors.
AncelorMittal is joining the trend of steelmakers moving into green hydrogen with this and spreading its footprint in renewable power generation. JSW Future Energy Limited, a subsidiary of JSW Energy Limited, has partnered with Australia’s Fortescue Future Industries (FFI) to investigate green hydrogen generation and usage in India’s industrial and transportation sectors. FFI and JSW Energy have agreed to collaborate and perform scoping study on prospective green hydrogen generation projects as part of their agreement. They also want to investigate the use of green hydrogen for hydrogen mobility, steelmaking, ammonia, and other industrial uses in India that have been jointly agreed upon.
Earlier this month, ArcelorMittal announced plans to cut its carbon intensity by 25 per cent by 2030 from 2018 levels. The initiative will be backed by a $10 billion investment over the next decade to help support its transition away from fossil fuels towards greener manufacturing technologies and clean energy sources.