Vedanta renewable energy of 480MW
Vedanta renewable energy – On Thursday, Vedanta Ltd said that its board of directors had approved plans for the company to procure 580 MW of renewable energy (RE) for its operations in India.
Vedanta has inked a Power Delivery Agreement (PDA) with special purpose vehicles (SPVs), who are affiliates of Sterlite Power Technologies Pvt Ltd (SPTPL), a company that provides hybrid power solutions using solar, wind, and storage.
Vedanta’s ESG vision of “Transforming for Good” is matched with this approach. It also signals the start of a series of steps the company will take to achieve its goal of being “Net Zero Carbon by 2050 or sooner” and According to a news release, the company plans to use 2.5 GW of Round the Clock (RTC) renewable energy for its operations by 2030.
“Vedanta wants to partially replace existing captive thermal power capacities with renewable energy for smelting and related processes, as well as meeting power requirements of capacity development at Vedanta Aluminium Limited, Jharsuguda, Balco, and Hindustan Zinc,” the corporation asserted.
The total agreement calls for SPTPL and its affiliates to build a 1,960 MW hybrid-based renewable energy capacity to generate 580 MW of renewable energy using a combination of solar, wind, and storage options.
Vedanta renewable energy
According to the corporation, once this power supply is operational, it has the ability to prevent nearly 2.7 million tonnes of greenhouse gas emissions from entering the atmosphere.
These projects will be built on a group captive model and a Build Own Operate (BOO) basis, in line with current market standards. According to the statement, the power delivery agreement will last for 25 years from the project’s date of commissioning (DOC).
“Within 24 months of the PDA being signed, the SPVs are expected to begin delivering power.
This would enable us to secure a reliable supply of power at a lower cost by utilizing renewable energy sources, as well as protect our company from commodities market volatility “It has also been included.