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Sterlite Copper to Derive Hybrid Renewable Power from Serentica Renewables

The two companies have inked a power delivery agreement (PDA) for the plant.

May 24, 2023. By EI News Network

Sterlite Copper, a subsidiary of Vedanta Ltd, has joined forces with Serentica Renewables India to set up a ‘captive’ hybrid renewable energy project to source 16 MW of green power for its Silvassa Unit.

The two companies have inked a power delivery agreement (PDA) for the plant.

Sterlite Copper and Serentica Renewables India will make a special purpose vehicle (SPV) to establish the hybrid renewable energy project.

Serentica Renewables India will build the project on a build-own-operate basis. It will be funded on a 70 and 30 debt-to-equity basis, with Sterlite Copper retaining a 26% equity share in the SPV.

Puneet Khurana, Deputy CEO of Sterlite Copper, stated, “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.”

The PDA will come into effect for a tenure of 25 years beginning from the date of the commencement of the project, with aimed going round scheduled for August 2024.

Tags:

Hybrid renewable energy

Net-Zero Emissions

Special Purpose Vehicle

Power Delivery Agreement

Reduce Carbon Footprint

Captive power