Sterlite Copper, a division of Vedanta Limited, has partnered with Serentica Renewables India Private Ltd (SRIPL) to create a special purpose vehicle (SPV) for acquiring hybrid renewable energy as part of its sustainability initiatives. The agreement to supply 16 MW of hybrid renewable power for Sterlite's Silvassa Unit includes a Power Delivery Agreement (PDA). The captive model will be used for the hybrid energy project's construction, and it will be built-own- operate. Sterlite Copper owns a 26% equity stake in the SPV, and the financing
ratio is 70% loan to 30% equity. With planned wheeling set for August 2024, the PDA will be in place for 25 years beginning on the project's commissioning date. Puneet Khurana, Deputy CEO of Sterlite Copper, responded to the most recent step taken towards reaching sustainability targets by saying, "We are happy to partner with Serentica Renewables for this project. This collaboration will be a turning point in our ESG journey and is consistent with our dedication to protecting the environment through our sustainability programme, "Sterlite Cares." We will keep making investments in our world now for a brighter tomorrow since sustainability is crucial for our sector.
"Through this collaboration, Sterlite Copper hopes to create a seamless transition from traditional thermal power to hybrid renewable energy. In terms of metric tonnes of carbon dioxide equivalent (MTCO2e), the hybrid renewable energy is anticipated to lower Scope 2 Greenhouse Gas (GHG) emissions by 64,535. This is consistent with Vedanta's objective of having zero carbon emissions by 2050. A recent ESG sub-brand developed by Sterlite Copper called "Sterlite Cares" is in line with Vedanta's ESG goal. It reaffirms the company's dedication to improving the neighbourhood, the environment, and the employees.