Sterlite Copper has collaborated with Serentica Renewables India to build a special purpose vehicle for hybrid renewable energy sourcing. A Power Delivery Agreement, effective for 25 years from the start date of project commissioning, has been signed as part of the deal to source 16 MW of hybrid renewable power for Sterlite’s Silvassa Unit.
May 22, 2023
Sterlite Copper, in collaboration with Serentica Renewables India Private Limited (SRIPL) is set 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.
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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. Mr. Puneet Khurana, Deputy CEO of Sterlite Copper commented, “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.”
