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Covestro (India) & Amplus Solar Shakti Sign Agreement For Solar Power In Greater Noida

By TheCSRUniverse Team Published 05 Nov 2024

Noida, Nov 5, 2024: High-performance polymer manufacturer Covestro (India) Private Limited has entered into a long-term power purchase agreement (PPA) with Amplus Solar Shakti Private Limited to significantly reduce its carbon footprint while enhancing operational efficiency.

Under the terms of the 25-year agreement with Amplus Solar Shakti Private Limited, a subsidiary of Amplus Energy Solutions PTE Ltd, Singapore (a part of the Petronas Group), Covestro (India) will leverage solar power to fulfil 60% of its annual energy requirements at the Greater Noida facility.

The transition will advance towards a circular economy through the utilization of renewable resources, thus minimizing environmental impact.

By harnessing solar energy, Covestro anticipates an annual reduction in CO2 emissions by up to 5,000 tons, harnessing 5.5 MW of electricity annually. This substantial contribution towards the company's sustainability goals strengthens its position as one of the leaders in green energy initiatives, bolstered by robust governmental support for renewable energy integration within India’s energy framework.

The equity investment in Amplus Solar Shakti Private Limited underscores its unwavering commitment to long-term renewable energy solutions. Throughout the project, Amplus Solar Shakti Private Limited will ensure rigorous governance and compliance with legal requirements, maintaining transparency and adhering to regulatory standards.

Endorsement from the Covestro Board of Management highlights the strategic importance of this initiative. The partnership with Amplus Solar Shakti Private Limited exemplifies dual commitment of Covestro to environmental stewardship and fiscal responsibility, setting a benchmark for sustainable practices in the chemical industry and reinforcing its leadership in embracing green energy solutions.