Sami-Sabinsa Group has signed an agreement with O2 Renewable Energy, a subsidiary of Singapore-based renewable energy developer O2 Energy SG PTE, for the purchase of 150 million units of renewable power over a 25-year period.
This investment in clean energy by Sami-Sabinsa Group will make a significant contribution to India’s transition towards more sustainable energy and combating climate change.
In line with its objective to promote green manufacturing, Sami-Sabinsa Group will adopt captive solar energy for all of its manufacturing plants in Karnataka, India. The company is collaborating 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. Sami-Sabinsa Group will subscribe to a minimum of 26% of the securities in this project, and has signed a Security Subscription and Shareholders’ Agreement with O2 Energy, Singapore, and its Indian Subsidiary towards the project.
The effort will contribute to Sami-Sabinsa’s goal of anchoring sustainability in every aspect of its business and preserving natural resources
"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, which is expected to be commissioned by October 2023, will supply 6.35 million units of clean alternate energy annually to Sami-Sabinsa’s five manufacturing facilities in the State of Karnataka (India).
“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.”