Hi-Tech Pipes aims 13.5 MW solar capacity for captive usage by Dec 2024

New Delhi: Steel pipes maker Hi-Tech Pipes on Wednesday said the company aims to have 13.5 MW of renewable energy capacity for captive usage by December 2024.

It has an installed solar power capacity of 8.5 MW and is in the process of installing another 5 MW in a phased manner, the company said in a regulatory filing.

The company did not disclose any financial details. However, as per industry estimates 1 MW of solar involves around Rs 5-7 crore of investment, including land cost.

"With all the above steps company's green power sourcing will be around 13.50 MW, which will contribute around 30 per cent of the total power requirement of the company," the filing said.

Further, Hi-Tech Pipes said it has "executed an MoU with a leading renewable energy supplier for generation and captive use of green hydrogen projects in a time-bound manner. The supplier will bring its strong EPC credentials to the table with deep R&D capabilities in many aspects of green hydrogen."

Hi-Tech Pipes owns and operates six integrated manufacturing facilities located at Sikandrabad (Uttar Pradesh), Sanand (Gujarat), Hindupur (Andhra Pradesh) - near Bengaluru and Khopoli (Maharashtra) having installed capacity of 7,50,000 metric tonnes per annum.

Besides steel pipes, the company produces hollow sections, tubes, cold rolled coils and strips, road crash barriers, solar mounting structures and a variety of other galvanised products.