Coal crisis, supply crunch hasten metal makers' switch to renewable energy

The increased expenses slashed profits of some of the biggest mills in India at a time when commodity prices were rallying to multi-year highs

India’s metal producers are speeding up their transition to renewable power after a coal crisis led to a supply crunch and sky-high prices of the fossil fuel, according to Greenko Energy Holdings.
 

GIC Pte.-backed Greenko, one of India’s largest renewable energy companies, signed an agreement earlier this month with Hindalco Industries Ltd. to provide carbon-free electricity to the aluminum producer’s Odisha smelter for 25 years, following a similar deal with ArcelorMittal Nippon Steel India Ltd. 

Greenko is now in talks with two to three other metal producers for round-the-clock power supply, co-founder Mahesh Kolli said, declining to name the firms.