Covestro (India) Private Limited, a prominent manufacturer of high-performance polymers, has strengthened its commitment to sustainable practices by taking a significant step towards renewable energy adoption at its Greater Noida site. The company has entered into a long-term power purchase agreement (PPA) with Amplus Solar Shakti Private Limited, underscoring its dedication to environmental responsibility and aligning seamlessly with India's renewable energy agenda.
Under the terms of the 25-year agreement with Amplus Solar Shakti Private Limited, a subsidiary of Amplus Energy Solutions PTE Ltd, Singapore (part of the Petronas Group), Covestro (India) will leverage solar power to fulfil 60 per cent of its annual energy requirements at the Greater Noida facility. This commitment reflects the company's strategic approach towards sustainable investments that yield both environmental benefits and financial returns.
Aligned with Environmental, Social, and Governance (ESG) principles, this initiative by Covestro aims to significantly reduce its carbon footprint while enhancing operational efficiency. The transition underscores the company's vision of advancing towards a circular economy using renewable resources, thereby minimising environmental impact.
By harnessing solar energy, Covestro anticipates an annual reduction in CO2 emissions of up to 5,000 tonnes, with the installation generating 5.5 MW of electricity annually. This substantial contribution towards the company's sustainability goals strengthens its position as a leader in green energy initiatives, bolstered by strong governmental support for renewable energy integration within India's energy framework.
The equity investment in Amplus Solar Shakti Private Limited underscores Covestro's 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 Covestro's dual commitment 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.