BUSINESS

SPIC’s holding firm to set up floating solar power plant

Ashwin Muthiah

Ashwin Muthiah  

Singapore-based AM International Holdings, the holding company of SPIC and Manali Petro, has announced its foray into renewable energy by setting up a floating solar power plant.

Ashwin Muthiah, founder chairman of AM International Group, laid the foundation stone for the 24 MW floating solar power plant at SPIC’s Thoothukudi factory complex. Once completed, the project would take care of SPIC’s electricity needs and the surplus would be sold to State power utilities.

The project is owned by Greenam Energy, a wholly owned subsidiary of AM International Holdings. “The project is one of its kind and one of India’s first floating renewable energy initiative to optimise energy production in industrial plants. It showcases AM International group’s commitment to promote eco-friendly alternatives and seek self-sufficiency in the operations of its various group companies,” Mr. Muthiah said in a statement.

T.N. plant to host project

The floating plant would be located in the company’s water reservoir on the Thoothukudi plant premises. EDAC Engineering Ltd., a SPIC group company, is undertaking the construction, the statement added.

As no land is required for construction, floating solar plants are gaining popularity across India, it added.

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