Sterlite Copper, a subsidiary of Vedanta Limited, has partnered with Serentica Renewables India Private Limited to develop a captive hybrid renewable energy project to supply 16 MW of green power to its Silvassa Unit.
To establish the hybrid renewable energy project, Sterlite Copper and Serentica Renewables India will incorporate a special purpose vehicle (SPV). A power delivery agreement for the facility has been signed by the two companies. The power delivery agreement will be in effect for 25 years, beginning with the project’s commissioning date scheduled in August 2024. Serentica Renewables India will build, own, and operate the project. It will be financed on a debt-to-equity ratio of 70:30, with Sterlite Copper owning 26 per cent of the SPV.