Construction and industrial products major Saint-Gobain has signed a power purchase agreement (PPA) in India with Vibrant Energy to provide wind-solar electricity to six local sites.
Vibrant Energy is a portfolio company of Macquarie Asset Management's Green Investment Group (MAM-GIG).
The 20-year PPA will begin delivery in 2024 and bring the renewable electricity share in India to 65 per cent in 2025, Saint-Gobain said.Under the agreement, Vibrant Energy will provide Saint-Gobain with 189 GWh of renewable electricity (solar and wind) per year, thus reducing Saint-Gobain's CO2 emissions in India by around 120,000 tonnes per year.
"The PPA is a significant step forward to not only meet the country's 500GW renewable energy target but also increase the use of renewable energy sources in the manufacturing sector. Our commitment towards sustainability is at the core of our business strategy, and this partnership is a significant step towards achieving our goal of 100 per cent renewable energy by 2030," B. Santhanam, CEO-Asia Pacific and India Region, Chairman, Saint-Gobain India said.
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