BALCO, a subsidiary of Vedanta and a leading aluminum producer in India, has teamed up SRIP to obtain 105MW of hybrid renewable power for its aluminum operations in Chhattisgarh, India.
As part of its commitment to sustainable development and reducing its carbon footprint, BALCO will use the hybrid renewable power generated from wind and solar sources to supply its Korba-based smelter, replacing the current non-renewable power sources.
This move will reduce greenhouse gas emissions and ensure a stable and dependable energy supply, lowering the company’s reliance on fossil fuels. SRIPL will be responsible for the development, construction, and operation of the hybrid renewable power project, designed to meet BALCO’s specific requirements for a reliable and uninterrupted power supply.
The partnership between BALCO and SRIPL marks a notable achievement in India’s renewable energy progress, supporting the nation’s objective of reaching 450 GW of renewable energy by 2030.
The project will be built on Captive model and Build Own Operate (BOO) basis, and BALCO will own 26% of equity in the SPV. The duration of the PPA will extend 25 years from the project’s Date of Commissioning.
Source: SAUR ENERGY INTERNATIONAL
Image Source (video grab): Balco India