Shyam Metalics finalises 20.43 MW renewable energy implementation; stock up 6%

The company reported that the project will be executed in three phases with an investment of ₹50 crore. Shyam Metalics announced the first phase of the project with an installed capacity of 5.2 MW with the following phase having an installed capacity of 4.8 MW.

Phase 3 of the project will be executed in a group captive and OPEX modal in which Shyam Metalics and Energy and the Renewable Energy Service Company (RESCO) will develop distributed projects of 10.43 MW. Further, the generated electricity from the projects will be utilised for captive consumption at an agreed tariff.

The company stated that the project’s scope includes the installation of floating solar and rooftop plants on industrial sheds, administrative buildings, and reservoirs. The projects will be executed at the company’s manufacturing plants in Kolkata, Pakuria, Jamuria, and Mangalpur in West Bengal. Additionally, the projects will also be executed at Sambalpur in Odisha and Pithampur in Madhya Pradesh.

Brij Bhushan Aggarwal, vice chairman and managing director of Shyam Metalics, said that the company’s investment in renewable energy is in line with the government’s goals and that their OPEX projects will result in cost-effective implementation.

“Our investment in renewable energy sources for our manufacturing facilities positions us as a consumer of clean energy. This reinforces our dedication to supporting the Government's "Panchamrit" goals,” he said.

The company claimed that the cumulative solar capacity of 20.43 MW will produce 35,793.36 megawatt-hours (MWh) per year and will offset 35,077.49 tons of carbon dioxide emissions.

Shares of the company have risen by nearly 26% since the beginning of the year. The stock has gained over 74% in the past year