The Vedanta Group declared that it would rely on open access under the captive method to get 600 MW of solar energy and 91 MW of hybrid renewable energy for its various businesses. The statement was made by the corporation in a BSE filing. The projects would be developed through the special purpose vehicles (SPVs) of Serentica Renewables India. It would be done in accordance with the power delivery agreements (PDAs) between Vedanta and Serentica.
The Group's oil and gas businesses across India, its aluminum plants in Jharsuguda, and its copper operations will all benefit from the solar capacity. The hybrid renewable project's power output would also be divided into 50 MW for aluminum activities, 16 MW for copper operations, and 25 MW for oil and gas operations.
Uninterrupted Clean Energy
The installation of 1.5 GW of wind-solar hybrid power projects spanning Rajasthan, Karnataka, and Maharashtra in India was announced by Serentica in September of last year. Of which, roughly 600 MW of uninterrupted clean energy was pledged to several Vedanta Group enterprises. In two years, the capacity is expected to be put into service.
Captive model and Build Own Operate (BOO) construction methods will be used for the projects. The electricity delivery agreement will be in effect for 25 years, starting on the project's commissioning date. The project will be financed with a debt-to-equity ratio of 70:30, with Vedanta and its subsidiaries owning 26% of the stock in each SPV. After the PDA is signed, the SPVs must begin supplying power within 24 months.
The corporation claimed that the initiatives will protect their company from the volatility of the commodity markets and help assure a steady supply of electricity using renewable energy sources. The decision represents the start of the company's efforts to achieve its objectives of achieving net zero carbon by 2050 or earlier and utilizing 2.5 GW of Round the Clock (RTC) renewable energy for its operations by 2030.
Reduction Of Greenhouse Gas Emissions
Vedanta wants to significantly increase the amount of renewable energy it uses for smelting and related processes while also supplying enough power to support capacity development at its current operating locations. Over the PDA, the power supply has the potential to reduce greenhouse gas emissions by around 38 million tons once it is operational.
Vedanta recently announced that it is stepping up its renewable energy sourcing to 1 GW and speeding up the transformation of its operations to green energy in October 2022. A further 500 MW of renewable energy is up for auction, according to the business. For its industrial plants in Rajasthan, Chhattisgarh, and Odisha, the corporation had issued an invitation for bids for the supply of hybrid renewable energy.
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