JUNE 20238Sterlite 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. Suzlon Energy increased after the supplier of renewable energy solutions disclosed that Torrent Power had awarded it a significant order for 300 MW. Suzlon announced in an exchange filing that a 300 MW wind power project for Torrent Power has been secured using its new 3 MW series of wind turbines. 100 wind turbine generators (WTGs) each with a 3 MW rated capacity and a Hybrid Lattice Tubular (HLT) tower will be installed by the firm. It further stated that 2025 was the projected completion date for the Karnataka based project. Suzlon and Torrent have a history of working together to create various wind energy projects. It is also good to see that top Indian business organisations have taken on the responsibility of spearheading India's transition to renewable energy in order to meet our country's net-zero ambitions, according to Girish Tanti, vice chairman of the Suzlon Group.Shares of Suzlon were recently trading up 4.8 percent on the BSE at Rs.9.91 a share. A few rupees short of its 52-week high of Rs.12.19, it reached an intra day high of Rs.10.20 Shares of Torrent Power increased 3.1 percent to Rs.551.30 during a volatile Mumbai trading session.This is the new Suzlon 3 MW series' sixth and largest order in less than a month. Suzlon will carry out the project, including erection and commissioning, and supply the wind turbines (equipment delivery), as well as providing land as part of the deal. According to the corporation, Suzlon will also offer complete post-commissioning operations and maintenance services. The main goal of Suzlon's 3 MW turbines, which have a 144-meter rotor diameter, is to boost generation while decreasing energy costs. TOP STORIESSTERLITE COPPER TO SOURCE 16 MW HYBRID RENEWABLE POWER FROM SERENTICA RENEWABLESSUZLON ENERGY'S SHARES RISE AFTER WINNING 300 MW WIND ENERGY PROJECT FROM TORRENT POWER
< Page 7 | Page 9 >