26 Jul 2024
Steel pipe maker Hi-Tech Pipes said on Wednesday the company aims to achieve 13.5 MW of renewable energy capacity for captive use by December 2024. It has an installed solar power capacity of 8.5 MW and is in the process of setting up an additional 5 MW in a phased manner, the company said in a regulatory filing. The company did not disclose any financial details. However, according to industry estimates, 1 megawatt of solar power involves an investment of about Rs 5-7 crore, including land costs.
“With all the above steps, the company's green energy sourcing will be around 13.50 MW, which will contribute around 30 percent of the company's total power requirement,” the filing said. Further, Hi-Tech Pipes said it has "signed a MoU with a leading renewable energy supplier for production and captive utilisation of green hydrogen projects in a time-bound manner. The supplier will bring its strong EPC credentials along with deep R&D capabilities in multiple aspects of green hydrogen."
Hi-Tech Pipes owns and operates six integrated manufacturing facilities located at Secunderabad (Uttar Pradesh), Sanand (Gujarat), and Hindupur (Andhra Pradesh), near Bengaluru and Khopoli (Maharashtra), with an installed capacity of 7,50,000 metric tonnes per annum. Apart from steel pipes, the company manufactures hollow sections, tubes, cold-rolled coils and strips, road crash barriers, solar mounting structures, and several other galvanised products.
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