MSP Steel & Power has announced it will procure 10 MW of solar power from Elevate Solar Energy at a tariff of ₹3.17 (~$0.034)/kWh.

The power will be supplied from Elevate’s 50 MW project under development in Chhattisgarh’s Baloda Bazar district.

As part of the procurement, MSP Steel will acquire a 26% shareholding in Elevate.

The company said the power procurement aims to optimize its energy costs and increase its renewable energy consumption.

MSP plans to install 1 MW of solar capacity for powering its internal lighting.

The company aims to reduce its carbon footprint by lowering coal consumption, increasing the use of its waste-heat recovery units, and boosting solar power.

Industries such as steel have been driving demand for open-access solar to optimize costs and meet sustainability goals, primarily through group captive and open-access models.

This May, Ferroalloy producer Indian Metals and Ferro Alloys announced it would procure 65 MW of renewable energy from EG Urja Strot’s 184 MW wind-solar hybrid project, which includes a 25 MWh battery storage component.

Last April, Nagpur-headquartered Sunflag Iron and Steel announced it would procure power from an 11 MW solar project being set up by Sunsure Energy’s special purpose vehicle Sunsure Solarpark Thirty Seven in Dhule, Maharashtra.

In the same month, Jindal Stainless’s subsidiary, JSL Super Steel, announced it would procure 11 MW of power from Sunsure Energy’s 49 MW solar project in Augasi, Uttar Pradesh. The company said this agreement will help it meet 40% of its energy needs through clean power.

Mercom India hosts a pan-India C&I Clean Energy Event to raise awareness about renewable energy procurement options available to businesses, the initial capital expenditure required, potential cost savings, and financing models that can support clean energy adoption. The next C&I event will be held in Hyderabad on August 21, 2026. You can register here for the event.