MSP Steel and Power Limited has entered into a 25-year Power Purchase Agreement (PPA) with renewable energy developer Elevate Solar to procure solar power for its long-term energy requirements, according to the announcement.

Under the agreement, Elevate Solar will supply electricity generated from its solar project to MSP Steel and Power Limited, ensuring a stable and long-term renewable energy source for the steel manufacturer. The deal is expected to support the company’s transition toward cleaner energy usage while improving cost predictability over the contract period.

The agreement reflects the growing shift among Indian steel manufacturers toward direct renewable energy procurement as part of broader decarbonisation and sustainability strategies. Steel production, being highly energy-intensive, is increasingly relying on long-term solar and hybrid energy contracts to reduce emissions intensity and meet evolving ESG expectations.

For Elevate Solar, the long-term PPA provides revenue certainty and strengthens the financial viability of its renewable energy project portfolio, enabling further expansion in the commercial and industrial (C&I) segment.

The development underscores the accelerating adoption of renewable energy within India’s industrial sector, where large consumers are steadily integrating solar power into their core operations to align with energy transition goals and long-term cost stability.

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