Construction and industrial products major, Saint-Gobain, has entered into a power purchase agreement (PPA) with Vibrant Energy in India. Vibrant Energy, a portfolio company of Macquarie Asset Management’s Green Investment Group (MAM-GIG), will supply wind-solar electricity to six local sites under the agreement. The 20-year PPA is set to commence delivery in 2024 and is expected to increase India’s renewable electricity share to 65% by 2025, according to Saint-Gobain.
As part of the agreement, Vibrant Energy will provide Saint-Gobain with 189 GWh of renewable electricity annually, sourced from solar and wind energy. This initiative will contribute to a significant reduction of approximately 120,000 tonnes of CO2 emissions per year for Saint-Gobain’s operations in India.
B. Santhanam, CEO-Asia Pacific and India Region, and Chairman of Saint-Gobain India, expressed that the PPA represents a noteworthy step in meeting India’s renewable energy targets and promoting the use of renewable energy sources in the manufacturing sector. This partnership aligns with Saint-Gobain’s commitment to sustainability, as the company aims to achieve 100% renewable energy usage by 2030.