05.30.23
Sami-Sabinsa Group has signed a long-term mutual agreement with O2 Renewable Energy, a subsidiary of the renowned Singapore-based renewable energy developer O2 Energy SG PTE Limited, 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, according to the company.
The initiative will create jobs for local communities and help improve energy efficiency at its manufacturing facilities while providing energy cost savings, Sami-Sabinsa Group Founder and Chairman Dr. Muhammed Majeed said.
"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 Majeed.
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 megawatt DC solar project at Bellary District in the State of Karnataka (India) at an estimated cost of $0.75 million per megawatt 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 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.
Additional Reading
Last month, Sami-Sabinsa Group inaugurated a new production facility for active nutraceutical and pharmaceutical ingredients. Read the article here.