In Short : The long-term nature of the agreement ensures stability and security for both companies. It also aligns with their shared vision of contributing to a cleaner and greener future. By sourcing renewable energy from Sami-Sabinsa, O2 Renewable Energy can enhance their sustainability efforts and enhance their environmental stewardship.
In Detail : Research-focused health science company Sami-Sabinsa Group has inked an agreement with O2 Renewable Energy to establish a 240 MW renewable energy (RE) plant for a long-term power supply basis. The RE plant includes setting up of 100 MW of wind and 140 MW AC of solar power.
The RE project is being commissioned in Kotturu and Kudligi taluks of Bellary district and will power Sami-Sabinsa’s manufacturing facilities in Karnataka. The project is expected to be completed by January 2024.
Under the deal, the Group and its subsidiaries will hold 17 percent of the equity on a fully diluted basis for the utilisation of 8.30 MW DC of RE. The Group has invested Rs 3.3 crore in equity capital. Over a 25-year period, the company expects to procure 300 MU of solar power to fuel its seven production facilities located in the state.
Furthermore, Sami-Sabinsa seeks to reduce carbon footprint, increase the resource efficiency and sustainability of the bioresources.