Bharat Aluminium Company Ltd (BALCO), a subsidiary of Vedanta Ltd, has signed an agreement with Serentica Renewables India Private Ltd (SRIPL) to establish a special purpose vehicle. This vehicle would be used to source hybrid renewable power for the aluminium operations in Chhattisgarh. According to the Power Delivery Agreement (PDA), the SPV will generate 105 MW of hybrid renewable power and BALCO will be allotted a 26% equity share in it. It is expected to start delivering power within 24 months of the agreement signing.
Vedanta is a globally diversified natural resources company, with business operations spread across aluminium, copper, iron ore, steel, power and oil & gas. It is led by Chairman cum Managing Director, Anil Agarwal. Anil Agarwal has played a crucial role in growing Vedanta into one of the most profitable companies in India. The organisation is committed to Corporate Social Responsibility and has been engaging in multiple initiatives to empower the society.
With this agreement, BALCO is taking major steps to secure continuous supply of renewable energy for its aluminium business. It is a great way for the organisation to reduce its dependence of non-renewable power sources and contribute to the cause of sustainability. The Power Delivery Agreement issued for 25 years from the date of commissioning of the project is a further testament to Vedanta and BALCO’s commitment towards environmental protection.