After the coal crisis, the Indian metal producer was speeding up their transition to green energy, leading to a supply crisis and sky-high fossil fuel price, as per Greenko Energy Holdings. More than one metal producer for the round-the-clock power supply, said Mahesh Kolli, co-founder of Grrenko.

The coal crisis is “a big factor that accelerated this transition to renewable power from coal-based energy usage, Kolli said in an interview. The metals industry in India is willing to invest in renewable energy and build solar plants, adding a big funding source for clean energy,” he said.

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“In this carbon-free energy that we are giving, this price is fixed for the next 25 years,” Kolli said. “So now, at least when the price goes up, they benefit a lot.”

In 2004, the Greenko based in Hyderabad developed solar, wind and hydropower projects having 7.5 gigawatts of operating capacity. Across 15 states in India, this project works. Aside from GIC, it counts Abu Dhabi Investment Authority and Japan’s Orix Corporation as investors.

Greenko uses hydro-pumped storage technology to ensure round-the-clock power to the mills. Unlike Europe and the US, where storage costs are high, developers in India have been following a similar model to China and have managed to control the expenses using this cheaper technology, Kolli said.

“The industrial decarbonization, without putting obligations on utilities, is a four to five times bigger opportunity for renewables,” Kolli said.