Vedanta to Source 1 GW Green Energy For Its Operations

Vedanta Ups RE Requirement To 1 GW For Its Operations

By Saur News Bureau/ Updated On Fri, Sep 30th, 2022

Highlights :

An expression of interest (EoI) for 500 MW has been invited by Vedanta as the company wants hybrid renewable energy for its manufacturing facilities in the states of Rajasthan, Chhattisgarh and Odisha.

Mumbai-based mining and metallurgy giant Vedanta Group has announced that it has targeted sourcing of clean and green energy upto 1 GW to fulfil the power needs of various operations. Vedanta has said that it also seeks bids from players for the supply of additional 500 MW of renewable energy.

Vedanta aims at employing 2.5 GW of renewable energy by the end of this decade. Sunil Duggal, Group CEO and Chief Safety Officer, Vedanta, said, “It is a crucial step in achieving our 2.5 GW of renewable power by 2030. We are looking forward to collaborate with the best in the industry as we march ahead on our decarbonisation goals.”

An expression of interest (EoI) has been invited by Vedanta as the company wants hybrid renewable energy for its manufacturing facilities in the states of Rajasthan, Chhattisgarh and Odisha.

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Vedanta Ltd announced in April this year that the group will be sourcing 580 MW of renewable energy for its operations in India through a Power Delivery Agreement (PDA) with Sterlite Power affiliated SPVs.

Vedanta Aluminium revealed its plans in May to source 380 MW of green electricity on a long-term basis for its smelters. Charting its roadmap to Net Zero by 2050, the green power is going to reduce the company’s greenhouse gas emissions by 15,00,000 tonnes CO2 equivalent every year. Vedanta has committed $ 5 billion in the coming 10 years to expedite the shift towards net-zero operations.

Hindustan Zinc, a company owned by Vedanta Group, had revealed earlier this month in a regulatory filing before the Bombay Stock Exchange (BSE) that it signed an agreement with Serentica Renewables for the supply of 200 MW of renewable energy to the company on a long-term basis. The project funding will be on a 70:30 debt-to-equity basis and Hindustan Zinc will infuse Rs 350 crore in equity in Serentica Renewables.