Sterlite Copper to Source 16 MW Hybrid Renewable Power from Serentica Renewables
A power delivery agreement (PDA) has been signed between Serentica Renewables India Pvt (SRIPL) and Sterlite Copper, a subsidiary of Vedanta. The agreement paves the way for Sterlite Copper to source hybrid renewable power of 16 MW capacity for its copper operations in Silvassa.
The hybrid project will be established on a captive model. It will operate on a build-own-operate basis. The project has been financed on a 70:30 debt-to-equity basis. Sterlite Copper holds a equity share of 26% in the SPV (special purpose vehicle).
"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’," said Sterlite Copper Deputy CEO Puneet Khurana.
The wheeling of the project is scheduled from August 2024.
Sterlite Copper is looking to move from conventional thermal power to hybrid renewable energy and curb its carbon footprint. The renewable power sourced from Serentica will enable this transition.
"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.
In an announcement from a day ago, Serentica will use Suzlon's 3 MW series wind turbine generators for its upcoming 204 MW wind power project at Koppal in Karnataka. Sterlite Power backed Gurugram based Serentica Renewables had announced recently that the firm had secured $250 million in a second round of funding from KKR, a global investment firm. Serentica Renewables had also entered into an agreement with Greenko Group, to source 1500 MWhr energy storage capacity through Greenko's pumped storage projects located in India.
Serentica Renewables is a decarbonisation platform for the commercial and industrial (C&I) sector, focusing especially on energy intensive consumers like metals and mining.