Ramkrishna Forgings to Spend Rs 35 Cr for 7.82 MW Rooftop Solar

As industries rush towards decarbonisation through employment renewable energy, Ramkrishna Forgings Limited plans has said that it will install a 7.82 MW rooftop solar power system at forging plants. The rooftop solar will come up in Sariekella and Dugni plants in Jamshedpur. The total investment in the solar installation will come to Rs 35 crore.

An official statement by Ramkrishna Forgings said that the rooftop solar installation is going to be financed through a mix of debt and equity.

The green electricity generated from rooftop solar installation will be employed for the captive consumption of the company. This will help the firm to reduce its dependence on grid power and also achieve its environmental, social and governance (ESG) vision. The company said that rooftop solar will also contribute in achieving a sustainable future.

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Lalit Khetan, Executive Director and CFO, Ramkrishna Forgings, said, “We are delighted to announce our investment in this renewable energy project, which demonstrates our commitment to sustainability and ESG principles. We believe that this project will help us achieve our goal of carbon neutrality and marks a significant milestone in creating a cleaner, greener, and more sustainable future.”

Ramkrishna Forgings is a supplier to many industrial sectors such as automotive, railways, farm equipment, bearings, oil & gas, power and construction, earth moving & mining. It has supplies to both in domestic and overseas markets and its clients include OEMs like TATA Motors, Ashok Leyland, Volvo, Ford Otosan etc.

Previously, Dalmia Cement (Bharat) Ltd, first cement firm to join RE100 – had committed to a Rs 250 crore investment in a solar plant to supply power to its additional grinding unit in Jharkhand and the solar plant capacity is expected to be between 40-50 MW.

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The use of solar energy for decarbonisation in Jharkhand began with the coming together of Tata Steel and Tata Power for the development of a grid-connected solar project. The two Tata companies signed a Power Purchase Agreement (PPA) for a duration of 25 years to set up 41 MW solar project combining rooftop, floating and ground mounted solar panels. Tata Power allocated solar capacity of 21.97 MWp for Tata Steel at at Jamshedpur.