ITC Limited, an Indian multi-business conglomerate, said it had commissioned its first offsite solar project in Dindigul, Tamil Nadu. The 14.9 MW solar project, built with an investment of ₹760 million (~$10.14 million), is expected to help the company reduce its carbon dioxide emissions.
The solar project will cater to around 90% of ITC’s power demand. The project would generate over 22 million units of green energy annually for ITC’s hotel, food manufacturing facilities, paper manufacturing facility, and printing and packaging factory in Tamil Nadu.
As a part of its sustainability vision, the company plans to meet its total grid power requirements from renewable sources by 2030. It aims to achieve a 50% decline in specific emissions and a 30% reduction in specific energy consumption by 2030 over a 2014-15 baseline.
ITC’s renewable energy portfolio includes 138 MW of wind power projects and 14 MW of solar projects. Renewable energy powers ITC’s 20 factories, nine hotels, and six offices across several states. Its 46 MW wind project in Andhra Pradesh supplies power to over 15 ITC establishments in eight states.
Many Indian companies are using renewable energy increasingly in their facilities to save on power costs and cut down carbon emissions. India leads the corporate renewable procurement market in Asia-Pacific, with a total procurement capacity of 5.2 GW, according to a report by Wood Mackenzie. In the first half of 2021, the report noted that 10.9 GW of renewable energy was procured in Asia-Pacific through corporate renewable PPAs.
According to Mercom’s Q2 2021 Solar Open Access Report, there has been a 664% year-over-year (YoY) installation growth. Cumulative solar installations in the open access market have surpassed 4.5 GW as of June 2021.
In 2020-21, ITC met 41.3% of its power demand from renewable ensources – biomass, wind and solar.
Harsh is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.