Sterlite Copper to source hybrid renewable power from Serentica Renewables – EQ Mag
It is financed on a 70:30 debt-to-equity basis, with Sterlite Copper holding a 26% equity share in the special purpose vehicle (SPV).
Sterlite Copper, a subsidiary of Vedanta, has signed a 25-year power delivery agreement (PDA) with Serentica Renewables India Pvt (SRIPL) to source 16 MW of hybrid renewable power for its Silvassa-based copper operations.
The hybrid energy project will be constructed on a captive model and will operate on a build-own-operate basis. It is financed on a 70:30 debt-to-equity basis, with Sterlite Copper holding a 26% equity share in the special purpose vehicle (SPV).
“This partnership will mark a milestone in our ESG (environmental, social and governance) journey and is in line with our commitment to giving back to the environment through our sustainability agenda of ‘Sterlite Cares’,” Sterlite Copper Deputy CEO Puneet Khurana said.
As sustainability is imperative for the industry, Sterlite Copper will continue to invest in the planet today for a better tomorrow, Khurana said, adding that the targeted wheeling of the project is scheduled from August 2024.
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 company said in a statement.
“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,” Khurana said.
Sterlite Copper recently launched ‘Sterlite Cares’, an ESG sub-brand aligned with Vedanta’s ESG vision.
Source: PTI
