India's Lloyds Metal and Energy Limited (LMEL) has approved plans to acquire at least a 26 percent stake in several renewable energy projects to meet its core clean energy requirements for steel production and related business operations, the company said in a statement on Wednesday, August 12.
The company will enter into share subscription agreements with Amplus Solutions Limited and a shareholder agreement on investments in Amplus Green. One Power Private Limited and Amplus Energy One Private limited, which will be followed by a long-term agreement to purchase electricity for wind power from the latter's projects.
In the field of solar energy, LMEL will enter into a similar share subscription and a shareholder agreement to invest at least 26% of the shares of Amplus Energy Solutions Limited and Amplus Ceres Solar Limited, as well as a separate electricity purchase agreement to facilitate the supply of electricity generated by solar energy.
The combination of solar and wind energy is expected to provide Lloyds Metals with a diversified source of renewable energy, supporting its mining and metalworking industries while reducing reliance on traditional energy sources and reducing carbon dioxide emissions, the company said.
LMEL is engaged in iron ore mining, direct reduction iron (DRI) production and power generation, operating three verticals of sponge iron production, mining and power generation in Maharashtra.
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