Sterlite Copper, a subsidiary of mining giant Vedanta, has entered into a 25-year power delivery agreement with Serentica Renewables India Pvt to obtain 16 MW of hybrid renewable power for its copper operations in Silvassa, India.
The project will be developed under a captive model and financed with a 70:30 debt-to-equity ratio. Sterlite Copper will hold a 26% equity share in the special purpose vehicle (SPV) responsible for the project.
The partnership aims to support Sterlite Copper’s sustainability agenda and commitment to environmental, social, and governance (ESG) principles. The implementation of hybrid renewable energy is expected to reduce greenhouse gas emissions by 64,535 metric tonnes of carbon dioxide equivalent (MTCO2e) and contribute to Vedanta’s target of achieving net-zero carbon emissions by 2050.
This collaboration signifies Sterlite Copper’s transition from conventional thermal power to renewable energy sources and its dedication to reducing its carbon footprint.
The targeted commencement of the project is scheduled for August 2024.
Source: SOLARQUARTER
Image Source: Sterlite Copper