The investment will support the development of over 1.5 GW of renewable energy projects across India, enabling corporate and industrial (C&I) customers to accelerate their decarbonisation journey while ensuring reliable, firm renewable power, the company said in a statement.
AltEons is working on an under-construction pipeline of 210 MW hybrid portfolio (wind, solar and battery energy storage systems) in Maharashtra to cater to the growing demand of energy-intensive businesses in the State.
The company works with customers across manufacturing, automotive, data centres and industrial engineering, among others.
AltEons said it would secure another 800 MW pipeline by the end of the year.
“AltEons has built a compelling platform focused on addressing one of the most critical challenges in energy transition, delivering reliable renewable power at scale,” Vijay Sankar, Chairman, The Sanmar Group, said in a statement.
“We believe the company’s innovative approach, experienced leadership and strong execution capabilities position it to become a significant player in India’s evolving renewable energy sector. As a multinational, sustainability-focused organization, we are pleased to partner with AltEons on this exciting journey,” he said.
“This investment reinforces confidence in our vision of delivering reliable RTC renewable power to C&I customers. With Sanmar’s long-term partnership, we are well positioned to develop over 1.5 GW of RTC renewable energy projects and help industries accelerate their decarbonization goals,” Srinivasan Viswanathan, Founder & CEO of AltEons Energy, said.
Sanmar Group, a diversified industrial conglomerate with a presence in chemicals, specialty chemicals, shipping, engineering and foundry businesses is looking to enter other areas.
In June, Vijay Sankar said Sanmar was evaluating various sectors as a part of its future growth plans.
In July, The Group took controlling stake of 43 per cent in affordable housing finance company Aham Housing Finance with a capital infusion of Rs 100 crore.