Covestro (India) Private Limited has solidified its commitment to sustainable practices with 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 (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. This commitment reflects 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 of Covestro aims to significantly reduce its carbon footprint while enhancing operational efficiency. The transition underscores company’s vision of advancing 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 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.
Through the adoption of renewable energy solutions and strategic partnerships, Covestro (India) continues to set the standard for eco-friendly innovation and corporate responsibility. This project exemplifies company’s commitment to collaboration across departments, both locally and globally, embodying its core message of unity – #WeAre1.