ArcelorMittal said it will develop three new renewable energy projects in India, doubling its renewable capacity in the country to about 2 GW and lifting its global total to 3.3 GW.

The projects will be located in Amaravati in Maharashtra, Bikaner in Rajasthan and Bachau in Gujarat, the steelmaker said.

The Amaravati project will have 36 MW of solar capacity and is expected to be completed in the first half of 2027, delivering annual carbon dioxide savings of about 0.04 million tonnes.

The Bikaner project will include 400 MW of solar capacity and 500 MW of battery energy storage. It is scheduled for completion in the first half of 2028 and is expected to save about 0.65 million tonnes of CO2 annually.

The Bachau project will comprise 250 MW of wind capacity and 300 MW of solar capacity, along with 300 MWh of integrated battery storage. It is expected to be completed in the first half of 2028 and to generate annual CO2 savings of around 0.9 million tonnes.

The combined investment in the three projects is estimated at about $900 million. Power generated will be supplied to AMNS India, ArcelorMittal's steelmaking joint venture with Nippon Steel, in which it holds a 60% stake.

AMNS India is also developing a separate renewable energy project similar in scale and design to the planned Bachau facility, ArcelorMittal said.

Together with the company's existing 1 GW renewable project in India, the new developments are expected to deliver total annual CO2 savings of about 4 million tonnes and supply around 35% of the electricity needs of AMNS India's Hazira steel plant.

ArcelorMittal is also developing renewable energy projects in Brazil and Argentina through partnerships. Once operational, its projects in India, Brazil and Argentina will have a combined generation capacity of about 3.3 GW.

ArcelorMittal shares have risen about 94.5% over the past year, compared with a 45.2% increase in the broader industry.