The company signed a long-term mutual agreement with O2 Renewable Energy.
Sami-Sabinsa Group (Bengaluru, India) announced it will purchase 150 million units (MU) of renewable power over a 25-year period thanks to a new, long-term mutual agreement signed with O2 Renewable Energy, “a subsidiary of the renowned Singapore-based renewable energy developer O2 Energy SG PTE Ltd.,” the company’s press release states.
The captive solar energy will be used to power five Sami-Sabinsa manufacturing plants in Karnataka, India. In addition, the firm reports, “The company is collaborating to set up a 3.60 megawatt (MW) DC solar project at Bellary District in the State of Karnataka (India) at an estimated cost of USD 0.75 million per MW of the solar capacity of the project. Sami-Sabinsa Group will subscribe to a minimum of 26% of the securities in this project and has signed a Security Subscription and Shareholders’ Agreement with O2 Energy, Singapore, and its Indian subsidiary towards the project.”
“Our investment in solar energy with a focus on adopting high-quality and environmentally friendly solutions will help us do our part in combatting climate change and reducing the carbon footprint,” said Dr. Muhammed Majeed, PhD, founder and chairman, Sami-Sabinsa Group, in the press release.
Anju Majeed, PhD, director, Sami-Sabinsa Group, added, “Furthermore, the initiative will create jobs for the local communities. This step will also help us improve energy efficiency at our manufacturing facilities while providing savings on energy costs.”