Sterlite Copper, an arm of Vedanta Ltd, has joined hands with Serentica Renewables India to establish a ‘captive’ hybrid renewable energy project to source 16 MW of green power for its Silvassa Unit. The two companies have signed a power delivery agreement (PDA) for the plant.
Sterlite Copper and Serentica Renewables India will form a special purpose vehicle (SPV) to set up the hybrid renewable energy project. Serentica Renewables India will construct the project on a build-own-operate basis. It will be financed on a 70:30 debt-to-equity basis, with Sterlite Copper holding a 26% equity share in the SPV.
“The PDA will remain in effect for 25 years starting from the date of the commissioning of the project, with targeted wheeling scheduled for August 2024.
Puneet Khurana, Deputy CEO of Sterlite Copper, said, “Through this collaboration, Sterlite Copper aims to make a smooth transition from conventional thermal power to hybrid renewable energy to reduce its carbon footprint. The hybrid renewable energy is expected to reduce Scope 2 Greenhouse Gas (GHG) emissions by 64,535 metric tonnes of carbon dioxide equivalent (MTCO2e). This aligns with Vedanta’s goal to achieve net-zero carbon emissions by 2050.”
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