New Delhi, May 23, 2023: As part of its sustainability efforts, Sterlite Copper, a subsidiary of Vedanta Limited, has joined hands with Serentica Renewables India Private Ltd (SRIPL) to establish a special purpose vehicle (SPV) for sourcing hybrid renewable energy. A Power Delivery Agreement (PDA) has been signed as part of the deal to source 16 MW of hybrid renewable power for Sterlite’s Silvassa Unit.
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 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.
In response to the recent move towards achieving sustainability goals, Mr. Puneet Khurana, Deputy CEO of Sterlite Copper said, “We are proud to collaborate with Serentica Renewables for this project. This partnership will mark a milestone in our ESG journey and is in line with our commitment to giving back to the environment through our sustainability agenda of “Sterlite Cares.” As sustainability is imperative for our industry, we will continue to invest in our planet today for a better tomorrow!”
He further added, “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.”
Sterlite Copper recently launched “Sterlite Cares,” an ESG sub-brand aligned with Vedanta’s ESG vision. It reinstates the company’s commitment to transforming the community, environment, and workforce.