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Saturday, 17 February 2018 12:31

ArcelorMIttal exploring possibility of establishing 600 MW solar farm in Karnataka

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ArcelorMIttal, which earlier this week submitted a bid to acquire Essar Steel, has said it exploring the possibility of establishing a 600 MW solar farm by utilizing the land in Karnataka originally allotted to it for a proposed $6.5 billion project to set up a 6 million tonne greenfield steel plant.

The company said its decision was prompted by "excess capacity of steel worldwide and uncertainty in iron ore availability locally." The world's largest steel company said it has sought permission from the state government on this and the proposal is under consideration and added that it hopes to get approval for the same.

Arcelor said this would contribute to the mitigation of Karnataka's power crisis and to the participation in the National Solar Energy mission of the Government of India. The statement was part of the company's update on previously announced investment projects, including India greenfield projects, in its latest annual report.

Arcelor said it had explored investment opportunities in India and in June 2010, entered into a memorandum of understanding with authorities in the state of Karnataka in South India that envisaged the construction of the six million tonne steel plant with a captive 750 megawatt power plant, representing a potential aggregate investment of $6.5 billion.

The company has completed all of the necessary steps to acquire the land. ArcelorMittal India Limited received possession certificates for 2,659 acres of private land following the acquisition of 1,827 acres and 832 acres in December 2011 and October 2012, respectively, leaving a balance of 136.33 acres of land owned by the Karnataka government, which is being processed for allocation.

"However, in view of excess capacity of steel worldwide and uncertainty in iron ore availability locally, the company is also exploring the possibility of utilizing the land in Karnataka for the establishment of a solar farm for generating solar energy," it added.

Incidentally, in January 2018 ArcelorMittal decided to took over the assets of Exosun, a company that specializes in trackers for solar farms. Based in Martillac, France, Exosun designs, develops and markets steel solar trackers that allow photo-voltaic panels to follow the sun's path, and thus increase the performance of ground-mounted solar farms.

In its decade-long existence, Exosun had delivered more than 55 solar farms all around the world, amounting to a total 700 MW installed capacity. I a statement to announce the acquisition in January, ArcelorMittal had said it already operates in the solar energy market with a presence in steel solar frames which are manufactured in units in Europe, China and Egypt.

Additional Info

  • News Section: Solar Energy News
  • Month: February
  • Year: 2018
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