Mumbai, Sept. 3 -- Renewable energy platform AltEons Energy has received a strategic investment from The Sanmar Group to accelerate development of one point five gigawatt (GW) of round-the-clock (RTC) renewable energy projects across India.
The funding will support expansion of an integrated platform that aims to combine solar and wind generation with battery energy storage systems (BESS) and digital energy management solutions to supply firm renewable power to corporate and industrial (C&I) customers.
AltEons intends to deliver RTC solutions that integrate generation and storage with software enabled energy management to provide sustained supply beyond intermittent renewable output. The platform is being developed to offer tailored contracts and deployment models for C&I customers seeking long term decarbonisation and environmental, social and governance objectives. This approach is intended to improve reliability and enable industrial off takers to replace fossil fuel based generation with renewable alternatives.
The company currently has a 210 MW hybrid portfolio under construction in Maharashtra, combining wind, solar and BESS assets to meet the needs of local industry. AltEons plans to add a further 800 MW of project pipeline by the end of 2026, with projects serving sectors including manufacturing, automotive, data centres and industrial engineering. The combination of grid scale assets and customer facing services is intended to support long term energy transition goals for corporate clients.
Vijay Sankar, chairman of The Sanmar Group, said the investment reflected the group's belief that AltEons' leadership and execution capabilities would position it to become a significant player in India's renewable sector. Srinivasan Viswanathan, founder and chief executive of AltEons Energy, said the capital would strengthen the company's ability to develop its RTC portfolio and support decarbonisation requirements of industrial customers. The Sanmar Group itself has businesses across chemicals, specialty chemicals, shipping, engineering and foundry with operations in India and overseas.
Published by HT Digital Content Services with permission from Construction World.