Hi-Tech Pipes Targets 13.5 MW Renewable Energy Capacity by December 2024

Hi-Tech Pipes plans to achieve 13.5 MW of renewable energy capacity by December 2024. With currently installed solar power at 8.5 MW and another 5 MW in progress, the company aims to cover 30% of its power needs. It also signed an MoU for green hydrogen projects.

Steel pipes maker Hi-Tech Pipes announced plans to reach 13.5 MW of renewable energy capacity for captive use by December 2024. Currently, the company has an installed 8.5 MW of solar power and is adding another 5 MW gradually.

Though the company did not reveal financial details, industry estimates suggest that 1 MW of solar power requires an investment of Rs 5-7 crore, including land costs. The company aims for this green energy initiative to contribute about 30% of its total power requirements.

Furthermore, Hi-Tech Pipes has signed a Memorandum of Understanding (MoU) with a leading renewable energy supplier for green hydrogen projects. The supplier will leverage its strong EPC (Engineering, Procurement, and Construction) credentials and deep R&D capabilities. Hi-Tech Pipes currently operates six integrated manufacturing facilities with a combined capacity of 7,50,000 metric tonnes per annum.

(With inputs from agencies.)