Cyient DLM Arcedo Systems partnership for rooftop solar power plant Mysore

Cyient DLM partners with Arcedo Systems for rooftop solar power plant in Mysore

Team FS

04/Dec/2024

What's Covered Under the Article

Cyient DLM signs an MoU with Arcedo Systems for a 500 kWp rooftop solar power plant.
The project, under a long-term PPA, highlights Cyient’s focus on ESG and sustainability.
Arcedo Systems to handle the design, installation, and maintenance of the facility.

Cyient DLM Ltd, a leading integrated electronics manufacturing company, has announced a significant collaboration with Arcedo Systems to establish a 500 kilowatt peak (kWp) rooftop solar power plant at its Mysore facility in Karnataka. This initiative underscores Cyient DLM’s commitment to sustainability and ESG goals, marking a notable step towards reducing its carbon footprint and embracing renewable energy solutions in its industrial operations.

Highlights of the Collaboration

The partnership was formalized through a Memorandum of Understanding (MoU) between Cyient DLM and Arcedo Systems. The rooftop solar power plant will be executed under a long-term Power Purchase Agreement (PPA). Under this arrangement:

Cyient DLM will procure the solar energy generated at the facility.
Arcedo Systems will manage the design, engineering, installation, and maintenance of the solar plant.

This collaboration aligns with Cyient DLM’s strategic emphasis on sustainability, focusing on cost reduction and increasing the use of renewable energy in its operations.

Leadership Insights

Commenting on the initiative, Anthony Montalbano, CEO of Cyient DLM, stated, "At Cyient DLM, sustainability is a core pillar of our operational strategy. This MoU with Arcedo Systems represents a meaningful step towards reducing our carbon footprint and embracing renewable energy."

Sandeep Vangapalli, CEO of Arcedo Systems, expressed enthusiasm about the project, emphasizing its transformative potential in advancing renewable energy goals. "This solar plant marks the beginning of a promising collaboration as we work towards a cleaner future," he added.

Stock Market Impact

The announcement, made via a stock exchange filing on December 4, influenced Cyient DLM’s stock performance on the BSE. While the stock initially rose nearly 1% to touch an intraday high of ₹717.15, it later slipped to ₹697.00, marking a 1.91% decline by mid-afternoon.

Sustainability and ESG Goals

The Mysore solar power project exemplifies Cyient DLM’s commitment to Environmental, Social, and Governance (ESG) initiatives. By adopting renewable energy solutions, the company is setting an example for industrial sustainability in India, contributing to a cleaner environment while optimizing operational efficiency.

Industry Implications

This development highlights the growing trend of corporate adoption of green energy in India. Partnerships like these not only foster innovation but also align with the global push for sustainable development. Cyient DLM’s initiative is a testament to how businesses can balance profitability with responsibility.

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With this bold move towards renewable energy, Cyient DLM is not only enhancing its industrial capabilities but also contributing to a sustainable future. Stay tuned for more updates on transformative projects and collaborations!

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