Bengaluru, India—Sami-Sabinsa Group is making an investment in clean energy that will make a significant contribution to India’s transition towards more sustainable energy and combating climate change. The company has signed a Long-Term Mutual Agreement with O2 Renewable Energy, a subsidiary of Singapore-based renewable energy developer O2 Energy SG PTE Limited, for the purchase of 150 MU of renewable power over a 25-year period.
To promote green manufacturing, Sami-Sabinsa Group will:
- Adopt captive solar energy for all of its manufacturing plants in Karnataka, India.
- Collaborate to set up a 3.60 MW DC solar project at Bellary District in the State of Karnataka (India) at an estimated cost of USD 0.75 Million per MW of the solar capacity of the project.
- Subscribe to a minimum of 26% of the securities in this project, and the company has signed a Security Subscription and Shareholders’ Agreement with O2 Energy, Singapore, and its Indian Subsidiary towards the project.
"Our investment in solar energy with a focus on adopting high-quality and environmentally friendly solutions will help us do our part in combating climate change and reducing the carbon footprint," said Sami-Sabinsa Group Founder and Chairman, Dr. Muhammed Majeed.
The project is expected to be commissioned by October 2023. It will supply 6.35 million units of clean alternate energy annually to Sami-Sabinsa’s five manufacturing facilities in the State of Karnataka, the company said.“The effort will contribute to Sami-Sabinsa’s goal of anchoring sustainability in every aspect of its business and preserving natural resources," said Dr. Anju Majeed, Director, Sami-Sabinsa Group. “Furthermore, the initiative will create jobs for the local communities. This step will also help us improve energy efficiency at our manufacturing facilities while providing savings on energy costs.”